Malaysia Stock Market Likely To Remain Rangebound
(RTTNews) – The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since ending the three-day slide in which it had slumped more than 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,735-point plateau although it may tick higher again on Monday.
The global forecast for the Asian markets is positive on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The KLCI finished barely lower on Friday following losses from the telecoms, gains from the plantations and a mixed picture from the financial sector.
For the day, the index eased 0.23 points or 0.01 percent to finish at 1,736.48 after trading between 1,733.13 and 1,738.30.
The lead from Wall Street is firm as the major averages opened higher on Friday and remained solidly in the green throughout the trading day, slightly off session highs.
The Dow rallied 517.80 points or 0.98 percent to finish at 53,277.01, while the NASDAQ climbed 113.29 points or 0.43 percent to end at 26,180.46 and the S&P 500 rose 33.21 points or 0.43 percent to close at 7,674.37.
For the week, the NASDAQ plunged 2.1 percent, the S&P 500 tumbled 1.4 percent and the Dow slumped 0.9 percent.
The strength on Wall Street reflected bargain hunting after the major averages moved sharply lower on Thursday amid an extended surge in crude oil prices and a rebound in bond yields.
Crude oil prices edged higher on Friday as the Strait of Hormuz remains closed, heightening supply concerns. West Texas Intermediate crude for October delivery was up $0.44 or 0.51 percent at $87.27 per barrel.
