Malaysia Stock Market Due For Downward Correction
(RTTNews.com) - The Malaysia stock market has moved higher in four straight sessions, advancing more than 25 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,805-point plateau although investors figure to cash in on Monday.
The global forecast for the Asian markets is negative, largely on trade and geopolitical concerns. The European and U.S. markets were down on Friday and the Asian bourses figure to open in similar fashion.
The KLCI finished barely higher on Friday following mixed performances from the financial shares, plantations and industrials.
For the day, the index added 0.80 points or 0.04 percent to finish at 1,805.75 after trading between 1,804.09 and 1,812.69. Volume was 21.9 million shares worth 2 billion ringgit. There were 487 decliners and 402 gainers.
Among the actives, Hartalega Holdings surged 3.45 percent, while Malaysia Airports Holdings soared 2.92 percent, Sime Darby spiked 1.15 percent, IHH Healthcare jumped 0.88 percent, Dialog Group tumbled 0.88 percent, Genting Malaysia retreated 0.76 percent, RHB Capital collected 0.55 percent, Axiata Group skidded 0.44 percent, Telekom Malaysia climbed 0.27 percent, IOI Corporation lost 0.22 percent, Digi.com shed 0.21 percent, Petronas Chemicals and Petronas Gas both added 0.11 percent, Maybank eased 0.10 percent and Tenaga Nasional, CIMB Group and Public Bank were unchanged.
The lead from Wall Street is soft as stocks moved lower on Friday after closing mixed in the previous two sessions.
The Dow slid 196.09 points or 0.77 percent to 25,313.14, the NASDAQ fell 52.67 points or 0.67 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.71 percent to 2,833.28.
The weakness came amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson. The Turkish lira has plummeted to a record low, contributing to weakness in the overseas markets.
In economic news, the Labor Department noted a modest increase in consumer prices in July - while core consumer prices also edged higher.
Crude oil prices climbed higher on Friday, lifted by International Energy Agency's forecast that world oil demand will increase next year. Crude oil futures for September delivery ended up $0.82 or 1.3 percent at $67.63 a barrel.
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