Malaysian stock market expected to be supported on Monday
(RTTNews) – The Malaysian stock market has seen a decline in back-to-back trading days, stumbling nearly 25 points or 1.6% along the way. The Kuala Lumpur Composite Index now sits just below the 1,525 point plateau, although it expects to stop the bleeding on Monday.
Global forecasts for Asian markets are mixed to higher due to easing inflation fears and support from crude oil. European markets were down and US stock markets were up and Asian markets are expected to follow this latest trend.
The KLCI ended slightly lower on Friday following losses in financial stocks and glove makers, as plantings were mixed.
For the day, the index lost 13.32 points or 0.87% to end at 1,524.48 after trading between 1,521.08 and 1,539.47. The volume was 3.968 billion shares worth 2.726 billion ringgits. There were 757 declining and 269 winners.
Among assets, Axiata fell 0.77%, while CIMB Group fell 1.67%, Dialog Group lost 2.93%, Digi.com lost 1.12%, Genting slipped by 1, 39%, Genting Malaysia and PPB Group both fell 0.33%, Hartalega Holdings lost 2.44%. IHH Healthcare slipped 0.75%, IOI Corporation slipped 0.53%, Kuala Lumpur Kepong fell 1.19%, Maxis plunged 3.20%, MISC fell 1.16%, MRDIY fell 2.56%, Petronas Chemicals gained 0.46%, Press Metal fell 1.57%, Public Bank fell 0.74%, RHB Capital rose 0.55%, Sime Darby s ‘is weakened 0.44%, Sime Darby Plantations jumped 1.68%, Telekom Malaysia rose 0.18%, Tenaga Nasional lost 0.83%, Top Glove fell 4.46% and Maybank remained unchanged.
Wall Street’s lead is largely positive as major averages lifted the uncertainties from early Friday to end solidly in positive territory.
The Dow Jones climbed 482.56 points or 1.43% to close at 34,326.46, while the NASDAQ jumped 118.10 points or 0.82% to close at 14,556.70 and the S&P 500 gained 49.50 points or 1.15% to end at 4,357.04.
For the week, the Dow Jones slipped 1.4%, the NASDAQ lost 3.2% and the S&P fell 2.2%. For the month of September, the Dow Jones fell 4.3%, and the NASDAQ and S&P 500 fell 5.3% and 4.8%, respectively.
The higher closing on Wall Street came as the bargain hunt triumphed over concerns about inflation and the reduction in asset purchases by the Federal Reserve. Major averages showed wild swings in morning trading but ultimately supported a bullish move as traders resumed stocks to reduced levels after a disappointing September.
A prolonged pullback in Treasury yields may also have sparked buying interest on Wall Street, with the ten-year yield continuing to lose ground after hitting a three-month closing high on Wednesday.
Crude oil prices recovered from a weak start and stabilized higher on Friday ahead of this week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC). West Texas Intermediate crude oil futures for November rose $ 0.85 or 1.1% to $ 75.88 a barrel. WTI crude futures gained 2.6% on the week.
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