Malaysia Stocks May See Mild Recovery On Friday

(RTTNews) - The Malaysia stock market on Thursday ended the two-day winning streak in which it had collected more than 20 points or 1.3 percent. The Kuala Lumpur Composite Index new rests just above the 1,490-point plateau although it may tick higher again on Friday.

The global forecast for the Asian markets is mixed, with bargain hunting likely to offset concerns over the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The KLCI finished sharply lower on Thursday following losses from the financials, plantations, glove makers and telecoms.

For the day, the index dropped 20.10 points or 1.33 percent to finish at 1,491.95 after trading between 1,490.71 and 1,503.49. Volume was 2.444 billion shares worth 2.023 billion ringgit. There were 661 decliners and 269 gainers.

Among the actives, Axiata and MRDIY both stumbled 2.30 percent, while CIMB Group jumped 2.05 percent, Dialog Group plunged 5.35 percent, Digi.com surrendered 3.47 percent, Genting skidded 1.91 percent, Genting Malaysia dipped 0.33 percent, Hartalega Holdings tumbled 3.61 percent, IHH Healthcare was down 0.32 percent, INARI shed 1.1 percent, IOI Corporation declined 2.84 percent, Kuala Lumpur Kepong retreated 2.77 percent, Maybank slid 0.67 percent, Maxis tanked 3.64 percent, MISC fell 0.85 percent, Petronas Chemicals eased 0.23 percent, Petronas Dagangan cratered 7.91 percent, PPB Group weakened 1.93 percent, Press Metal sank 1.67 percent, Public Bank lost 1.06 percent, RHB Capital added 0.52 percent, Sime Darby Plantations plummeted 5.38 percent, Telekom Malaysia dropped 1.68 percent, Tenaga Nasional slumped 2.56 percent, Top Glove slipped 0.62 percent and Sime Darby was unchanged.

The lead from Wall Street is mixed as the major averages opened lower on Thursday but a late-day rally pushed the Down and S&P 500 into the green at the close.

The Dow added 145.99 points or 0.46 percent to finish at 31,656.42, while the NASDAQ slipped 31.08 points or 0.26 percent to end at 11,785.13 and the S&P 500 rose 11.85 points or 0.30 percent to close at 3,966.85.

Bargain hunting contributed to the rebound on Wall Street, with traders picking up stocks at reduced levels after the major averages once again fell to their lowest levels in over a month.

The early selloff on Wall Street also came as the latest labor and manufacturing data was seen as confirming the Federal Reserve's stance that it can remain aggressive with the tightening of policy.

With the more closely watched monthly jobs report looming later today, the Labor Department this morning unexpectedly reported a modest decrease in first-time claims for U.S. unemployment benefits last week.

Oil futures ended sharply lower Thursday on rising concerns about the outlook for energy demand and worries that aggressive rate hikes by major central banks may lead to a global economic slowdown. West Texas Intermediate Crude oil futures for September ended lower by $2.94 or 3.3 percent at $86.61 a barrel.