Malaysia Stock Market May Find Traction On Monday

(RTTNews) - The Malaysia stock market has tracked lower in back-to-back sessions, slumping almost 20 points or 1.3 percent in that span. The Kuala Lumpur Composite Index now sits just shy of the 1,550-point plateau, although it may stop the bleeding on Mondy.

The global forecast for the Asian markets is upbeat on bargain hunting and an improved outlook for interest rates. 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 again on Friday following losses from the plantations and industrials, while the financials and telecoms were mixed.

For the day, the index sank 11.64 points or 0.75 percent to finish at 1,547.27 after trading between 1,543.21 and 1,556.46.

Among the actives, 99 Speed Mart Retail skidded 1.45 percent, while Axiata declined 1.57 percent, Celcomdigi gained 0.28 percent, CIMB Group rose 0.27 percent, Gamuda sank 1.21 percent, IHH Healthcare dropped 1.36 percent, IOI Corporation stumbled 2.61 percent, Kuala Lumpur Kepong surrendered 2.75 percent, Maxis tanked 3.71 percent, Maybank collected 0.76 percent, MISC plummeted 3.95 percent, MRDIY tumbled 2.14 percent, Nestle Malaysia shed 1.18 percent, Petronas Chemicals lost 1.06 percent, PPB Group rallied 1.41 percent, Public Bank and Tenaga Nasional both slid 0.87 percent, QL Resources dipped 0.82 percent, RHB Bank eased 0.43 percent, Sime Darby added 0.47 percent, SD Guthrie retreated 1.61 percent, Sunway slumped 1.50 percent, Telekom Malaysia jumped 1.77 percent, YTL Corporation plunged 3.72 percent, YTL Power fell 0.97 percent and Press Metal was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday, dipped midday but rebounded into the green by the close.

The Dow climbed 222.62 points or 0.52 percent to finish at 42,801.72, while the NASDAQ rallied 126.92 points or 0.70 percent to close at 18,196.22 and the S&P 500 gained 31.68 points or 0.55 percent to end at 5,770.20. For the week, the NASDAQ plunged 3.5 percent, the S&P 500 sank 3.1 percent and the Dow slumped 2.4 percent.

The volatility on Wall followed the release of the closely watched Labor Department report showing employment in the U.S. increased less than expected in February.

While the report added to recent concerns about the strength for the economy, the data may also have generated some optimism about the outlook for interest rates.

Bargain hunting contributed to the afternoon recovery, which came even though Federal Reserve Chair Jerome Powell reiterated the central bank does not "need to be in a hurry" to adjusted interest rates amid uncertainty about the effects of President Donald Trump's policies.

Crude oil prices faded after an early surge but still remained notably higher on Friday, adding to the modest gain posted in the previous session. West Texas Intermediate for April delivery climbed $0.68 cents or 1.0 percent to $67.04 a barrel.