Malaysia Shares May Tick Lower Again On Friday

(RTTNews) - The Malaysia stock market has finished lower in two straight sessions, shedding more than 5 points or 0.3 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,600-point plateau and it may see continued consolidation on Friday.

The global forecast for the Asian markets is soft ahead of the release of key inflation data from the United States. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely lower on Thursday following losses from the financials, gains from the plantations and a mixed picture from the telecoms.

For the day, the index dipped 1.19 points or 0.07 percent to finish at 1,598.47 after trading between 1,595.04 and 1,600.89. Among the actives, Axiata increased 0.76 percent, while Celcomdigi shed 0.54 percent, CIMB Group slumped 0.69 percent, Gamuda rallied 1.25 percent, Hong Leong Bank was up 0.10 percent, IHH Healthcare and Telekom Malaysia both perked 0.14 percent, IOI Corporation improved 0.77 percent, Kuala Lumpur Kepong climbed 1.10 percent, Maxis soared 1.39 percent, Maybank slipped 0.41 percent, MISC was down 0.27 percent, MRDIY spiked 1.27 percent, Petronas Chemicals dropped 0.67 percent, Petronas Dagangan declined 0.81 percent, PPB Group advanced 0.78 percent, Public Bank lost 0.47 percent, QL Resources rose 0.23 percent, RHB Bank fell 0.46 percent, Sime Darby surged 4.67 percent, SD Guthrie gained 0.38 percent, Sunway added 0.74 percent, Tenaga Nasional sank 0.60 percent, YTL Corporation stumbled 1.84 percent, YTL Power retreated 1.20 percent and 99 Speed Mart Retail, AMMB Holdings, Petronas Gas, Press Metal and Nestle Malaysia were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Thursday and stayed in the red throughout the trading day.

The Dow dropped 173.96 points or 0.38 percent to finish at 45,947.32, while the NASDAQ sank 113.16 points or 0.50 percent to end at 22,384.70 and the S&P 500 lost 33.25 points or 0.50 percent to close at 6,604.72.

The continued weakness on Wall Street partly reflected ongoing concerns about the near-term outlook for the artificial intelligence trade.

Renewed uncertainty about the outlook for interest rates also weighed on the markets following the release of some upbeat U.S. economic data.

Later today, the Commerce Department is scheduled to release its report on personal income and spending in August, which includes the Fed's preferred readings on consumer price inflation.

Crude oil inched higher on Thursday amid the possibility of Russian oil exports being hit by sanctions by the U.S. West Texas Intermediate crude for November delivery was up $0.08 or 0.12 percent at $65.07 per barrel.