Malaysia Bourse May Extend Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in two straight sessions, slipping almost a dozen points or 0.8 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,590-point plateau and it may open under pressure again on Monday.

The global forecast for the Asian markets is flat to lower, with energy stocks likely to lead the way lower. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.

The KLCI finished barely lower on Friday as losses from the telecoms and plantations were offset by support from the financial shares and industrials.

For the day, the index eased 0.68 points or 0.04 percent to finish at 1,591.60 after trading between 1,587.58 and 1,595.01.

Among the actives, 99 Speed Mart Retail plunged 2.73 percent, while Axiata stumbled 2.26 percent, Celcomdigi plummeted 8.53 percent, CIMB Group improved 0.85 percent, Gamuda, Nestle Malaysia and Sime Darby all gained 0.44 percent, IHH Healthcare added 0.83 percent, IOI Corporation shed 0.53 percent, Kuala Lumpur Kepong dropped 0.78 percent, Maxis sank 0.57 percent, Maybank collected 0.38 percent, MISC declined 1.08 percent, MRDIY tanked 2.53 percent, Petronas Chemicals tumbled 2.20 percent, PPB Group retreated 1.20 percent, Press Metal increased 0.81 percent, Public Bank advanced 0.90 percent, QL Resources rallied 1.28 percent, RHB Bank rose 0.15 percent, SD Guthrie lost 0.21 percent, Sunway spiked 1.73 percent, Telekom Malaysia slumped 1.03 percent, Tenaga Nasional perked 0.14 percent, YTL Corporation jumped 1.45 percent and YTL Power climbed 1.16 percent,

The lead from Wall Street is weak as the major averages opened higher on Friday but couldn't hold the gains, finishing mixed and little changed.

The Dow dropped 165.32 points or 0.37 percent to finish at 44,546.08, while the NASDAQ added 81.17 points or 0.41 percent to close at 20,026.77 and the S&P 500 dipped 0.44 points or 0.01 percent to end at 6,114.63.

For the week, the NASDAQ surged 2.6 percent, the S&P 500 jumped 1.5 percent and the Dow advanced 0.6 percent.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following Thursday's rally, which saw the S&P 500 jump near its record highs despite data showing a bigger than expected increase by producer prices.

Traders were also digesting a mixed batch of U.S. economic data, including a Commerce Department report showing retail sales slumped much more than expected in January. A separate report from the Federal Reserve showed industrial production rose by more than expected last month.

Oil prices drifted lower on Friday as supply concerns eased amid hopes of a peace deal between Russia and Ukraine and possibility of removal of sanctions on Russia. West Texas Intermediate Crude oil futures fell $0.55 or 0.77 percent at $70.74 a barrel. WTI futures gained 1.0 percent for the week.