Markets

Malaysia Bourse May Flirt With 1,600-Point Level

(RTTNews) - The Malaysia stock market on Friday snapped the three-day slide in which it had stumbled more than 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just above the 1,595-point plateau and it's looking at a steady start on Monday.

The global forecast for the Asian markets is mixed to higher, with optimism for economic recovery tempered by renewed coronavirus concerns. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The KLCI finished sharply higher on Friday following gains from the industrials and mixed performances from the financials, plantations and telecoms.

For the day, the index jumped 23.02 points or 1.476 percent to finish at 1,596.33 after trading between 1,563.01 and 1,599.59. Volume was 9.498 billion shares worth 5.851 billion ringgit. There were 636 gainers and 410 decliners.

Among the actives, Top Glove skyrocketed 16.65 percent, while Hartalega Holdings surged 12.80 percent, Digi.co, soared 2.05 percent, PPB Group spiked 1.97 percent, Malaysia Airports Holdings accelerated 1.80 percent, CIMB Group plunged 1.63 percent, Tenaga Nasional rallied 1.58 percent, Maybank collected 1.53 percent, RHB Capital gathered 1.20 percent, AMMB Holdings tumbled 0.96 percent, Axiata perked 0.90 percent, Press Metal skidded 0.84 percent, Sime Darby Plantations retreated 0.78 percent, Public Bank declined 0.76 percent, Petronas Chemicals advanced 0.64 percent, Genting sank 0.49 percent, Sime Darby added 0.47 percent, Genting Malaysia shed 0.40 percent, Maxis gained 0.37 percent, Dialog Group lost 0.26 percent, MISC fell 0.25 percent, IHH Healthcare slid 0.19 percent, Kuala Lumpur Kepong rose 0.09 percent and IOI Corporation was unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before closing mixed.

The Dow shed 62.76 points or 0.23 percent to finish at 26,671.95, while the NASDAQ added 29.36 points or 0.28 percent to end at 10,503.19 and the S&P 500 rose 9.16 points or 0.28 percent to close at 3,224.73. For the week, the Dow added 2.3 percent, the NASDAQ sank 1.1 percent and the S&P rose 1.2 percent.

The U.S. saw a record 77,255 new coronavirus cases on Thursday, according to data compiled by Johns Hopkins University. Reflecting the widespread resurgence of the coronavirus, the University of Michigan reported an unexpected deterioration in U.S. consumer sentiment in July.

A steep drop by shares of Netflix (NFLX) also weighed on the markets, with the video streaming giant plunging by 6.5 percent after reporting Q2 earnings that missed estimates and forecast weaker than expected subscriber growth.

Crude oil prices edged lower Friday, weighed by concerns about the outlook for near-term energy demand due to the surge in new coronavirus cases. West Texas Intermediate Crude oil futures for August ended down $0.16 or 0.4 percent at $40.59 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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