Malaysia Stock Market Called Rangebound On Monday

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(RTTNews) – The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the seven-day losing streak in which it had tumbled more than 70 points or 4.1 percent. The Kuala Lumpur Composite Index now rests just above the 1,530-point plateau and it’s likely to remain in that neighborhood again on Monday.

The global forecast for the Asian markets is murky following recent volatility, with crude oil prices providing support in what has been an otherwise tough month. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

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

For the day, the index shed 7.28 points or 0.47 percent to finish at 1,532.06 after trading between 1,525.64 and 1,543.35. Volume was 4.785 billion shares worth 3.342 billion ringgit. There were 561 decliners and 425 gainers,

Among the actives, Axiata and Public Bank both fell 0.49 percent, while CIMB Group and Press Metal both retreated 1.23 percent, Dialog Group soared 1.28 percent, Digi.com rose 0.22 percent, Genting sank 0.79 percent, Genting Malaysia declined 0.97 percent, Hartalega Holdings plummeted 2.98 percent, IOI Corporation lost 0.53 percent, Kuala Lumpur Kepong tanked 1.68 percent, Maybank dropped 0.61 percent, Maxis jumped 0.85 percent, MISC plunged 1.73 percent, MRDIY rallied0.77 percent, Petronas Chemicals added 0.37 percent, RHB Capital shed 0.55 percent, Sime Darby Plantations tumbled 1.63 percent, Telekom Malaysia surrendered 0.86 percent, Tenaga Nasional skidded 1.30 percent, Top Glove surged 3.00 percent and PPB Group, Sime Darby, IHH Healthcare and Hong Leong Bank were unchanged.

The lead from Wall Street offers little clarity as the major averages opened lower on Friday and then bounced back and forth across the unchanged line, finally finishing mixed and little changed.

The Dow added 33.18 points or 0.10 percent to finish at 34,798.00, while the NASDAQ eased 4.54 points or 0.03 percent to close at 15,047.70 and the S&P 500 rose 6.50 points or 0.15 percent to end at 4,455.48. For the week, the Dow rose 0.6 percent, the NASDAQ added 0.1 percent and the S&P gained 0.5 percent.

The lackluster performance on Wall Street came on uncertainty about the outlook for the markets following recent volatility.

Traders also expressed uncertainty about the situation with China Evergrande, as the indebted property company has not provided clarification about a key interest payment.

In economic news, the Commerce Department reported an unexpected increase in U.S. new home sales in August.

Crude oil prices climbed Friday and front-month WTI oil futures contracts saw gains for a fifth straight week amid tighter supplies. West Texas Intermediate Crude oil futures for November rose $0.68 or 0.9 percent at 73.98 a barrel. WTI Crude futures gained 2.8 percent for the week.