(RTTNews) – The Malaysia stock market on Friday snapped the two-day winning streak in which it had collected more than 8 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,760-point plateau although the market is tipped to rebound on Monday.
The global forecast for the Asian markets is upbeat after better than expected jobs data from the United States, although those numbers may fan concerns over the outlook for inflation rates. The European markets were mixed and the U.S. bourses were higher, and the Asian markets figure to follow the latter lead.
The KLCI finished modestly lower on Friday following losses from the financials, industrials, plantations and telecoms.
For the day, the index lost 10.60 points or 0.60 percent to finish at 1,759.93 after trading between 1,759.46 and 1,768.61. Volume was 1.31 billion shares worth 1.54 billion ringgit. There were 644 decliners and 209 gainers.
Among the actives, Sime Darby added 0.10 percent, while IOI Corporation plummeted 3.04 percent, Kuala Lumpur Kepong skidded 0.48 percent, MISC tumbled 1.48 percent, Maybank shed 0.21 percent, CIMB Group lost 0.76 percent, Public Bank fell 0.20 percent, Petronas Gas dipped 0.65 percent, Petronas Chemicals gave away 0.84 percent, Tenaga Nasional eased 0.14 percent and Telekom Malaysia retreated 0.91 percent.
The lead from Wall Street is positive after Friday’s jobs report as the markets regained some ground after heavy losses in the previous session.
The Dow climbed 94.30 points or 0.4 percent to 21,414.34, while the NASDAQ added 63.61 points or 0.1 percent to 6,153.08 and the S&P gained 15.43 points or 0.6 percent to 2,425.18. For the week, the Dow rose 0.3 percent, the NASDAQ added 0.2 percent and the S&P was up 0.1 percent.
The rebound followed a Labor Department report showing stronger than expected job growth in June. The report said non-farm payroll employment jumped by 222,000 jobs in June following an upwardly revised increase of 152,000 jobs in May.
The Federal Reserve is scheduled to make its next decision on interest rates following a two-day meeting later this month.
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