(RTTNews) – The Malaysia stock market has tracked lower in back-to-back trading days, stumbling almost 25 points or 1.6 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,525-point plateau although it figures to stop the bleeding on Monday.
The global forecast for the Asian markets is mixed to higher on easing inflation concerns and support from crude oil. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The KLCI finished modestly lower on Friday following losses from the financial shares and glove makers, while the plantations were mixed.
For the day, the index sank 13.32 points or 0.87 percent to finish at 1,524.48 after trading between 1,521.08 and 1,539.47. Volume was 3.968 billion shares worth 2.726 billion ringgit. There were 757 decliners and 269 gainers.
Among the actives, Axiata fell 0.77 percent, while CIMB Group declined 1.67 percent, Dialog Group tanked 2.93 percent, Digi.com shed 1.12 percent, Genting skidded 1.39 percent, Genting Malaysia and PPB Group both eased 0.33 percent, Hartalega Holdings surrendered 2.44 percent, IHH Healthcare slid 0.75 percent, IOI Corporation slipped 0.53 percent, Kuala Lumpur Kepong sank 1.19 percent, Maxis plunged 3.20 percent, MISC dropped 1.16 percent, MRDIY tumbled 2.56 percent, Petronas Chemicals gained 0.46 percent, Press Metal retreated 1.57 percent, Public Bank dipped 0.74 percent, RHB Capital added 0.55 percent, Sime Darby weakened 0.44 percent, Sime Darby Plantations jumped 1.68 percent, Telekom Malaysia rose 0.18 percent, Tenaga Nasional lost 0.83 percent, Top Glove plummeted 4.46 percent and Maybank was unchanged.
The lead from Wall Street is broadly positive as the major averages shook off early uncertainty on Friday to finish solidly in positive territory.
The Dow spiked 482.56 points or 1.43 percent to finish at 34,326.46, while the NASDAQ jumped 118.10 points or 0.82 percent to close at 14,556.70 and the S&P 500 gained 49.50 points or 1.15 percent to end at 4,357.04.
For the week, the Dow slid 1.4 percent, the NASDAQ lost 3.2 percent and the S&P fell 2.2 percent. For the month of September, the Dow tumbled by 4.3 percent, and the NASDAQ and the S&P 500 plummeted by 5.3 percent and 4.8 percent, respectively.
The higher close on Wall Street came as bargain hunting won out over concerns about inflation and the Federal Reserve scaling back asset purchases. The major averages showed wild swings in morning trading but eventually sustained a move to upside as traders picked up stocks at reduced levels following a disappointing September.
An extended pullback by treasury yields may also have generated buying interest on Wall Street, with the ten-year yield continuing to give ground after reaching a three-month closing high on Wednesday.
Crude oil prices recovered after a weak start and settled higher Friday ahead of this week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC). West Texas Intermediate Crude oil futures for November rose $0.85 or 1.1 percent at $75.88 a barrel. WTI crude futures gained 2.6 percent in the week.