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Shutterstock photo(RTTNews.com) – The Malaysia stock market has been stuck in neutral for much of the past week, holding steady in a narrow trading range. The Kuala Lumpur Composite Index now rests just above the 1,740-point plateau, although it figures to bounce higher again on Monday.
The global forecast for the Asian markets is positive thanks to solid corporate earnings and a spike in crude oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to follow that lead.
The KLCI finished barely lower on Friday following losses from the industrials and mixed performances from the financial shares and plantation stocks.
Among the actives, Petronas Dagangan plummeted 1.92 percent, while MISC spiked 1.57 percent, Petronas Gas skidded 1.12 percent, CIMB Group collected 0.81 percent, IOI Corporation shed 0.44 percent, Axiata added 0.37 percent, Telekom Malaysia dipped 0.16 percent, Maybank lost 0.11 percent and Sime Darby, Tenaga Nasional and YTL Corporation all were unchanged.
The lead from Wall Street is firm as stocks moved mostly higher on Friday, again climbing to fresh record closing highs.
The Dow added 22.93 points or 0.10 percent to 23,539.19, while the NASDAQ jumped 49.49 points or 0.74 percent to 6,764.44 and the S&P was up 7.99 points or 0.31 percent to 2,587.84.
Tech shares got a boost after Apple (AAPL) reported solid earnings, while Qualcomm (QCOM) surged on reports of a possible tie-up with Broadcom.
In economic news, the Labor Department reported weaker than expected job growth in October, while the Institute for Supply Management said the U.S. service sector grew at a faster rate last month.
Crude oil prices surged Friday, extending two-year highs after data showed a drop in the number of U.S. oil rigs. December West Texas Intermediate crude added $1.10 or 2 percent to $55.64 a barrel on the New York Mercantile Exchange.
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