Malaysia Stock Market May Snap Losing Streak

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(RTTNews.com) – The Malaysia stock market has finished lower in back-to-back sessions, slipping more than 6 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,715-point plateau although it may find traction on Monday.

The global forecast for the Asian markets suggests mild upside, thanks to a jump in crude oil prices. The European markets were mostly in the green and the U.S. bourses ended slightly higher – and the Asian markets also figure to tick higher.

The KLCI finished slightly lower on Friday following losses from the telecoms and financials, while the industrials and plantations were mixed.

Among the actives, Digi.com plummeted 5.57 percent, while IOI Corporation tumbled 1.55 percent, Kuala Lumpur Kepong climbed 0.99 percent, Petronas Chemicals jumped 0.68 percent, Maybank skidded 0.65 percent, Genting Malaysia added 0.20 percent, IHH Healthcare shed 0.18 percent, Tenaga Nasional lost 0.13 percent, Sime Darby added 0.11 percent and Public Bank, CIMB Group, Telekom Malaysia and YTL Corporation all were unchanged.

The lead from Wall Street is cautiously optimistic as stocks saw modest strength in an abbreviated trading session on Friday, following the Thanksgiving holiday a day earlier.

The Dow added 31.81 points or 0.14 percent to 23,557.99, while the NASDAQ climbed 21.80 points or 0.32 percent to 6,889.16 and the S&P 500 rose 5.34 points or 0.21 percent to 2,602.42. For the week, the NASDAQ surged 1.6 percent, while the Dow and the S&P both gained 0.9 percent.

The strength on Wall Street reflected recent upward momentum, which has propelled to stocks to new record highs. Activity was subdued, however, as many traders remained away following the holiday.

Despite the advance shown by the broader markets, most of the major sectors showed only modest moves. Semiconductor and internet stocks saw some strength, while gold stocks moved to the downside along with the price of the precious metal.

Crude oil futures jumped to their highest in two years Friday amid supply interruptions in North America and expectations that OPEC will extend its output cuts through 2018. January oil ended up 93 cents or 1.6 percent to $58.95/bbl in thin trade.

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