(RTTNews) – The Malaysia stock market has ticked lower in back-to-back sessions, shedding almost a dozen points or 0.8 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,570-point plateau although it may find support on Monday.
The global forecast for the Asian markets is upbeat on optimism over the outlooks for tariffs and trade. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The KLCI finished slightly lower on Friday following weakness from the telecoms and mixed performances from the financials, industrials and plantations.
For the day, the index dipped 1.27 points or 0.08 percent to finish at 1,571.75 after trading between 1,568.70 and 1,580.06.
Among the actives, 99 Speed Mart Retail sank 0.46 percent, while Celcomdigi fell 0.25 percent, CIMB Group gained 0.28 percent, Gamuda and Telekom Malaysia both shed 0.43 percent, IHH Healthcare lost 0.28 percent, IOI Corporation rose 0.27 percent, Kuala Lumpur Kepong stumbled 1.55 percent, Maxis dropped 0.53 percent, Maybank collected 0.40 percent, MISC and Petronas Chemicals both rallied 0.78 percent, MRDIY plummeted 3.01 percent, Nestle Malaysia plunged 2.76 percent, Petronas Dagangan added 0.50 percent, Petronas Gas perked 0.11 percent, PPB Group advanced 0.81 percent, Public Bank dipped 0.22 percent, QL Resources declined 1.05 percent, RHB Bank gathered 0.15 percent, Sime Darby jumped 1.41 percent, SD Guthrie climbed 1.08 percent, Sunway slumped 0.62 percent, YTL Corporation tanked 1.82 percent, YTL Power retreated 1.34 percent and Axiata, Press Metal and Tenaga Nasional were unchanged.
The lead from Wall Street is positive as the major averages shook off a soft start on Friday and continued to trend higher throughout the day, ending at session highs.
The Dow rallied 331.94 points or 0.78 percent to finish at 42,654.74, while the NASDAQ added 98.80 points or 0.52 percent to close at 19,211.10 and the S&P 500 gained 41.45 points or 0.70 percent to end at 5,958.38.
For the week, the NASDAQ surged 7.2 percent, the S&P spiked 5.3 percent and the Dow soared 3.4 percent.
News of the U.S.-China trade deal generated considerable buying interest that carried over for much of the week. While uncertainty remains about the U.S. and its trade partners reaching deals that permanently lower tariffs, traders have continued to express optimism.
Meanwhile, traders largely shrugged off data from the University of Michigan showing consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May.
Crude oil futures showed a strong move to the upside on Friday amid optimism about U.S. trade policies. West Texas Intermediate crude for June delivery jumped $0.87 or 1.4 percent to $62.49 a barrel. For the week, the price of crude oil surged 2.4 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
