(RTTNews) – The Malaysia stock market on Friday snapped the modest two-day winning streak in which it had collected more than 7 points or 0.4 percent. The Kuala Lumpur Composite Index remains just beneath the 1,775-point plateau and it may regain traction on Monday.
The global forecast for the Asian markets is flat to higher thanks to encouraging economic data and a bounce in the price of crude oil. Despite being overbought, the European and U.S. markets were slightly higher and the Asian markets are expected to open in similar fashion.
The KLCI finished slightly lower on Friday as losses from the industrials were tempered by support from the financials and telecoms.
For the day, the index dipped 1.66 points or 0.09 percent to finish at 1,772.30 after trading between 1,769.47 and 1,778.18. Volume was 2.86 billion shares worth 2.61 billion ringgit. There were 771 decliners and 208 gainers, with 344 stocks finishing unchanged.
Among the actives, Genting Malaysia skidded 2.90 percent, while IHH Healthcare dropped 1.58 percent, Telekom Malaysia spiked 1.56 percent, MISC and Petronas Gas both lost 1.04 percent, Maybank gained 0.11 percent, Axiata advanced 0.80 percent, CIMB Group collected 0.47 percent, Sime Darby added 0.28 percent and Tenaga Nasional fell 0.14 percent.
The lead from Wall Street is murky as stocks showed a lack of direction on Friday amidst uncertainty about the near-term outlook for the markets following recent volatility.
The Dow shed 2.67 points or 0.1 percent to 21,080.28, while the NASDAQ added 4.94 points or 0.1 percent to 6,210.19 and the S&P gained 0.75 points or 0.1 percent to 2,415.82. For the week, the NASDAQ surged 2.1 percent, while the Dow jumped 1.3 percent and the S&P gained 1.4 percent.
In economic news, the Commerce Department said that the U.S. economy grew more than estimated in Q1. Also, new orders for manufactured durable goods pulled back less than expected in April.
Crude oil futures rose Friday, as data showed the pace of increases in the U.S. rig count fell. July WTI oil climbs 90 cents or 1.8 percent to $49.80/bbl but lost 1.7 percent for the week.
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