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Shutterstock photo(RTTNews.com) – The Malaysia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had picked up more than 10 points or 0.6 percent. The Kuala Lumpur Composite Index now rests just above the 1,740-point plateau and it draws another soft lead for Monday.
The global forecast for the Asian markets is flat to lower thanks to a fall in crude oil prices. The European and U.S. markets were down on Friday, and the Asian bourses are expected to follow suit.
The KLCI finished slightly lower on Friday following mixed performances from the financials, plantations and industrials.
Among the actives, MISC plunged 2.01 percent, while Genting Malaysia plummeted 1.94 percent, YTL Corporation skidded 1.53 percent, Astro Malaysia Holdings spiked 1.44 percent, IOI Corporation added 0.67 percent, Petronas Gas gained 0.56 percent, Petronas Chemicals climbed 0.54 percent, CIMB Group shed 0.48 percent, Maybank collected 0.22 percent, Maxis lost 0.17 percent, Sime Darby was up 0.11 percent and Tenaga Nasional and Public Bank were unchanged.
The lead from Wall Street suggests mild consolidation as stocks spent most of Friday’s trade in the red before eventually ending mixed.
The Dow shed 39.73 points or 0.17 percent to 23,422.21, while the NASDAQ added 0.89 points or 0.01 percent to 6,750.94 and the S&P 500 fell 2.32 points or 0.09 percent to 2,582.30. For the week, the Dow lost 0.5 percent, while the NASDAQ and the S&P both eased 0.2 percent.
The mixed close came as traders continued to digest the details of the Senate Republican version of tax reform legislation. The Senate bill includes large differences from the House version, including a delay in implementing a corporate tax rate cut.
On the economic front, the University of Michigan noted a bigger than expected pullback in consumer sentiment in November following the 13-year high index reading in the previous month.
Crude oil futures fell Friday, trimming recent gains after the U.S. oil rig count jumped last week. Nymex December oil futures settled at $56.74 a barrel, down 0.8 percent.
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