Malaysia Bourse: Support Expected At 1,600 Points

(RTTNews) - The Malaysia stock market has moved lower in two straight sessions, sinking almost 30 points or 1.9 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,600-point plateau although it's tipped to bounce higher on Friday.

The global forecast for the Asian markets is murky as the U.S. markets were shuttered on Thursday - while the European markets were roughly flat with an upside bias, and the Asian bourses are expected to follow that lead.

The KLCI finished modestly lower on Thursday following heavy losses from the industrials and mixed performances from the financials, plantations and telecoms.

For the day, the index dropped 14.02 points or 0.87 percent to finish at 1,600.81 after trading between 1,600.75 and 1,618.17.

Among the actives, 99 Speed Mart Retail dropped 0.85 percent, while Axiata lost 0.43 percent, Celcomdigi rallied 1.39 percent, CIMB Group rose 0.25 percent, Gamuda tanked 3.85 percent, IHH Healthcare tumbled 2.22 percent, IOI Corporation fell 0.26 percent, Kuala Lumpur Kepong eased 0.19 percent, Maxis jumped 1.40 percent, Maybank collected 0.20 percent, MISC skidded 1.11 percent, MRDIY shed 0.55 percent, Petronas Chemicals sank 0.84 percent, PPB Group advanced 0.49 percent, Press Metal stumbled 2.30 percent, QL Resources, Public Bank and Hong Leong Financial all slipped 0.22 percent, RHB Bank slumped 1.24 percent, Sime Darby surrendered 2.18 percent, SD Guthrie added 0.41 percent, Sunway retreated 1.49 percent, Telekom Malaysia and Petronas Dagangan both gained 0.31 percent, Tenaga Nasional declined 1.40 percent, YTL Corporation plummeted 8.21 percent, YTL Power plunged 6.87 percent and Nestle Malaysia was unchanged.

There is no lead from Wall Street as the U.S. financial markets were closed on Thursday in honor of former U.S. President Jimmy Carter, who died in late December at age 100.

Investors are looking ahead to the release of the Labor Department's closely watched monthly jobs report later today, which will potentially provide additional clarity about the strength of the labor market.

Oil prices moved higher Thursday amid optimism about the outlook for global oil demand, and potential supply shortage due to the sanctions on Iranian and Russian crude exports. West Texas Intermediate Crude oil futures for February settled higher by $0.60 or 0.82 percent at $73.92 a barrel.

Closer to home, Malaysia will release November numbers for industrial production and unemployment later today; in October, production was up 2.1 percent on year and the jobless rate was 3.2 percent.