Malaysia Bourse Poised To End Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in consecutive trading days, sinking more than a dozen points or 0.7 percent in that span. The Kuala Lumpur Composite Index now rests just shy of the 1,630-point plateau although it may stop the bleeding on Monday.

The global forecast for the Asian markets is upbeat, with support expected from the technology and oil stocks, in particular. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The KLCI finished modestly lower on Friday as losses from the financials, telecoms and plantations were mitigated by support from the industrials.

For the day, the index slipped 3.41 points or 0.21 percent to finish at 1,629.46 after trading between 1,626.04 and 1,636.08.

Among the actives, 99 Speed Mart Retail stumbled 1.63 percent, while Axiata added 0.42 percent, Celcomdigi rallied 1.37 percent, CIMB Group was down 0.25 percent, IHH Healthcare slid 0.27 percent, IOI Corporation shed 0.52 percent, Kuala Lumpur Kepong sank 0.74 percent, Maybank lost 0.39 percent, MISC eased 0.13 percent, MRDIY climbed 1.07 percent, Nestle Malaysia tumbled 1.72 percent, Petronas Chemicals spiked 2.67 percent, Petronas Dagangan surged 4.39 percent, PPB Group perked 0.16 percent, Press Metal gained 0.41 percent, Public Bank slumped 0.88 percent, QL Resources dropped 0.84 percent, RHB Bank fell 0.31 percent, Sime Darby skidded 0.85 percent, SD Guthrie slipped 0.20 percent, Sunway retreated 1.27 percent, Telekom Malaysia declined 1.18 percent, Tenaga Nasional weakened 1.08 percent, YTL Corporation soared 3.40 percent, YTL Power jumped 1.59 percent and Maxis and Gamuda were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained in the green throughout the day, ending near session highs.

The Dow jumped 339.83 points or 0.80 percent to finish at 42,732.13, while the NASDAQ rallied 340.88 points or 1.77 percent to close at 19,621.68 and the S&P 500 climbed 73.92 points or 1.26 percent to end at 5,942.47.

For the holiday-interrupted week, the Dow slid 0.6 percent, while the NASDAQ and the S&P 500 both fell 0.5 percent.

The strength on Wall Street came as traders looked to pick up stocks at relatively reduced levels following recent weakness. Some traders also remained away from their desks following the New Year's Day holiday on Wednesday.

In U.S. economic news, the Institute for Supply Management said manufacturing activity contracted at a slower rate in December.

Oil prices climbed higher Friday amid optimism for the outlook for demand on recent data showing a drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for February closed higher by $0.83 or 1.13 percent at $73.96 a barrel.