The Malaysian stock market turned right back to the upside again on Friday, one session after it had ended the three-day winning streak in which it had collected more than 20 points or 1.3 percent. The Kuala Lumpur Composite Index finished just above the 1,540-point plateau, and now analysts are forecasting a soft start for the market when it opens on Monday.
The global forecast for the Asian markets suggests consolidation on continued unrest in the Middle East and debt concerns in Europe. Steel companies figure to bear the brunt of the damage, along with financials and technology stocks. The European markets were mixed on Friday and the U.S. bourses were sharply lower - and now the Asian markets also are expected to track to the downside.
The KLCI finished modestly higher on Friday as gains from the financial sector were dented by selling among the industrials and plantation stocks.
For the day, the index collected 8.45 points or 0.55 percent to finish at 1,540.74 after trading between 1,532.94 and 1,545.21. Volume was 1.18 billion shares worth 1.71 billion ringgit. There were 499 gainers and 258 decliners, with 303 stocks finishing unchanged.
Among the actives, CIMB Group, Sime Darby, Maybank, Genting, Axiata and Hong Leong Bank all finished higher.
The lead from Wall Street is negative as stocks moved sharply lower over the course of the trading day on Friday. Renewed concerns about the financial situation in Europe contributed to the weakness on Wall Street along with some strength in the value of the U.S. dollar.
Wall Street major averages moved roughly sideways in afternoon trading, stuck firmly in negative territory. The Dow fell 100.17 points or 0.8 percent to 12,595.75, the NASDAQ dropped 34.57 points or 1.2 percent to 2,828.47 and the S&P 500 slid 10.88 points or 0.8 percent to 1,337.77. With the lower close on the day, the Dow and the S&P 500 posted modest weekly losses of 0.3 percent and 0.2 percent, respectively, while the NASDAQ was nearly unchanged for the week.
HAPPY TRADING & GOODLUCK2ALL
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