Malaysia Bourse May Extend Friday's Losses

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last six trading days since the end of the three-day slide in which it had stumbled more than 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,590-point plateau and it's tipped to open under pressure again on Monday.

The global forecast for the Asian markets is soft on rising tensions between the United States and China. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The KLCI finished sharply lower on Friday following losses from the financial shares, plantation stocks and industrials.

For the day, the index dropped 16.81 points or 1.05 percent to finish at 1,589.61 after trading between 1,585.11 and 1,605.21. Volume was 9.886 billion shares worth 5.188 billion ringgit. There were 719 decliners and 383 gainers.

Among the actives, Petronas Dagangan plunged 4.36 percent, while Top Glove and Hap Seng both plummeted 2.60 percent, CIMB Group tanked 2.46 percent, Petronas Chemicals tumbled 2.34 percent, Hartalega Holdings skidded 1.78 percent, Genting Malaysia retreated 1.69 percent, declined 1.64 percent, AMMB Holdings surrendered 1.62 percent, Sime Darby Plantations dropped 1.33 percent, Public Bank sank 1.12 percent, IOI Corporation shed 1.11 percent, MISC jumped 1.02 percent, Axiata advanced 0.94 percent, Sime Darby lost 0.93 percent, Tenaga Nasional fell 0.88 percent, RHB Capital slid 0.60 percent, Kuala Lumpur Kepong dipped 0.53 percent, Genting added 0.51 percent, Maybank slipped 0.38 percent, Dialog Group was down 0.26 percent, IHH Healthcare eased 0.19 percent and PPB Group was unchanged.

The lead from Wall Street is soft as stocks opened lower on Friday and remained firmly in the red throughout the session.

The Dow shed 182.41 points or 0.68 percent to finish at 26,469.89, while the NASDAQ lost 98.22 points or 0.94 percent to end at 10,363.18 and the S&P 500 fell 20.03 points or 0.62 percent to close at 3,215.63. For the week, the Dow sank 0.8 percent, the NASDAQ fell 1.3 percent and the S&P eased 0.3 percent.

The weakness on Wall Street also came amid concerns about rising tensions between the U.S. and China after Beijing decided to revoke the license for the establishment and operation of the U.S. Consulate General in Chengdu.

The move comes just days after the U.S. government ordered China to close its consulate in Houston, Texas, amid accusations Chinese diplomats aided in economic espionage and the attempted theft of scientific research.

Worries about the continued spike in coronavirus cases also generated some negative sentiment, with daily new cases rising in the U.S. by at least 5 percent in 25 states.

Crude oil prices edged higher Friday as stronger than expected economic data from Europe and the U.S. helped ease worries about energy demand outlook. West Texas Intermediate crude oil futures for September ended higher by $0.22 or 0.5 percent at $41.29 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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