Malaysia Stock Market May Run Out Of Steam On Monday

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(RTTNews) – The Malaysia stock market has climbed higher in four straight sessions, jumping more than 40 points or 2.6 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,565-point plateau although investors may cash in on Monday.

The global forecast for the Asian markets is soft following disappointing jobs data out of the United States, although support from crude oil is expected to limit the downside. The European and U.S. markets saw mild losses and the Asian markets figure to follow suit.

The KLCI finished slightly higher on Friday following gains form the plantations, weakness from the telecoms and a mixed picture from the glove makers.

For the day, the index rose 2.61points or 0.17 percent to finish at 1,563.90 after trading between 1,558.56 and 1,567.30. Volume was 4.998 billion shares worth 3.343 billion ringgit. There were 610 gainers and 452 decliners.

Among the actives, Axiata and IOI Corporation increased 0.25 percent, while CIMB Group collected 0.82 percent, Dialog Group tumbled 2.07 percent, Digi.com skidded 1.37 percent, Genting Malaysia soared 1.62 percent, Hartalega Holdings retreated 1.67 percent, Kuala Lumpur Kepong advanced 0.72 percent, Maxis added 0.65 percent, MISC sank 0.57 percent, MRDIY spiked 1.37 percent, PPB Group eased 0.11 percent, Press Metal surged 3.22 percent, RHB Capital gained 0.57 percent, Sime Darby shed 0.43 percent, Sime Darby Plantations accelerated 1.19 percent, Telekom Malaysia rose 0.35 percent, Tenaga Nasional slid 0.21 percent, Top Glove rallied 1.09 percent and Petronas Chemicals, Genting, Hong Leong Financial, IHH Healthcare, Maybank and Public Bank all were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages spent most of Friday’s session bouncing back and forth across the unchanged line before finally heading lower towards the end of the day.

The Dow eased 8.65 points or 0.02 percent to finish at 34.746.25, while the NASDAQ sank 74.46 points or 0.51 percent to close at 14.579.54 and the S&P 500 fell 8.42 points or 0.19 percent to end at 4,391.34. For the week, the Dow rose 1.2 percent, the NASDAQ added 0.1 percent and the S&P perked 0.8 percent.

The choppy trading on Wall Street came after the Labor Department’s closely watched monthly jobs report showed weaker than expected job growth in September, although the jobless rate fell more than anticipated.

The data led to some uncertainty about the outlook for monetary policy, although most economists agree the disappointing job growth will not dissuade the Federal Reserve from scaling back stimulus.

Crude oil futures jumped Friday after surging past $80 a barrel for the first time in seven years amid tighter supplies and signs of increasing demand. West Texas Intermediate Crude oil futures for November jumped $1.05 or 1.3 percent at $79.35 a barrel after climbing to a high of $80.11 a barrel. WTI crude futures gained 4.6 percent in the week, gaining for a seventh straight week.