Malaysia Bourse May Reverse Friday's Losses

(RTTNews) - The Malaysia stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had advanced almost 25 points or 1.7 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,620-point plateau although it's likely bounce higher again on Monday.

The global forecast for the Asian markets is cautiously optimistic, with technology shares expected to lead the way higher. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Friday following losses from the financial shares and telecoms, while the plantations were mixed.

For the day, the index shed 9.78 points or 0.60 percent to finish at 1,619.40 after trading between 1,614.83 and 1,624.96.

Among the actives, Axiata lost 0.35 percent, while Celcomdigi slid 0.25 percent, Genting advanced 0.42 percent, IHH Healthcare added 0.32 percent, Kuala Lumpur Kepong jumped 1.56 percent, Maxis tumbled 1.33 percent, Maybank eased 0.10 percent, MISC declined 1.07 percent, MRDIY tanked 2.16 percent, Petronas Chemicals rose 0.14 percent, PPB Group fell 9,27 percent, Press Metal sank 0.37 percent, Public Bank slumped 0.71 percent, QL Resources dropped 0.46 percent, RHB Capital shed 0.36 percent, Sime Darby rallied 2.08 percent, Sime Darby Plantations retreated 1.14 percent, Telekom Malaysia stumbled 0.76 percent, YTL Corporation plunged 5.15 percent, YTL Power plummeted 7.99 percent and CIMB Group, Genting Malaysia, IOI Corporation, Tenaga Nasional and Nestle Malaysia were unchanged.

The lead from Wall Street is upbeat but inconsistent as the major averages opened higher on Friday; the S&P and NASDAQ remained firmly higher all day, while the Dow struggled to stay above water.

The Dow rose 4.33 points or 0.01 percent to finish at 39,069.59, while the NASDAQ jumped 184.76 points or 1.10 percent to close at a record high of 16,920.79 and the S&P 500 gained 36.88 points or 0.70 percent to end at 5,304.72.

For the week, the NASDAQ jumped 1.4 percent, the S&P 500 was nearly unchanged and the Dow tumbled 2.3 percent.

The rebound on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the downturn seen on Thursday, which saw the Dow post its worst daily drop since March 2023.

In economic news, the Commerce Department noted an unexpected increase in durable goods orders in April. Also, the University of Michigan said in a report that consumer sentiment in the U.S. deteriorated less than estimated in May.

Crude oil prices moved higher Friday, snapping a four-day losing streak despite concerns about the outlook for demand. West Texas Intermediate crude oil futures for July ended higher by $0.85 at $77.72 a barrel; for the week, WTI crude futures slumped 3 percent.

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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