Malaysia Shares May Run Out Of Steam On Monday

(RTTNews) - The Malaysia stock market has moved higher in six straight sessions, rising almost 40 points or 2.8 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,445-point plateau although investors figure to lock in gains on Monday.

The global forecast for the Asian markets is soft on inflation worries and geopolitical concerns. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished barely higher on Friday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index perked 0.32 points or 0.02 percent to finish at 1,444.14 after trading between 1,440.49 and 1,444.97.

Among the actives, Axiata lost 0.41 percent, while Celcomdigi advanced 0.46 percent, Dialog Group slumped 0.94 percent, Genting Malaysia sank 0.80 percent, IOI Corporation fell 0.26 percent, Kuala Lumpur Kepong soared 1.40 percent, Maxis retreated 1.24 percent, Maybank eased 0.11 percent, MISC shed 0.56 percent, MRDIY tumbled 1.86 percent, Petronas Chemicals spiked 1.10 percent, PPB Group added 0.41 percent, Press Metal perked 0.21 percent, Public Bank dipped 0.24 percent, Sime Darby dropped 0.88 percent, Telekom Malaysia rallied 1.01 percent, Tenaga Nasional gained 0.20 percent, Westports Holdings rose 0.31 percent and Genting, Sime Darby Plantations, RHB Capital, CIMB Group, IHH Healthcare and Hong Leong Bank were unchanged.

The lead from Wall Street is mostly negative as the major averages opened higher on Friday but quickly headed south, although the Dow was able to recover before the close.

The Dow added 39.15 points or 0.12 percent to finish at 33,670.29, while the NASDAQ tumbled 166.99 points or 1.23 percent to end at 13,407.23 and the S&P 500 slumped 21.83 points or 0.50 percent to close at 4,327.78.

For the week, the Dow added 0.8 percent, the NASDAQ dipped 0.2 percent and S&P rose 0.5 percent.

Selling pressure emerged following the release of a report from the University of Michigan showing a slump in consumer sentiment and a surge in inflation expectations. The data generated some negative sentiment, although a decrease in treasury yields helped to limit the downside.

Traders also kept an eye on developments in the conflict in the Middle East between Israel and Hamas.

Oil prices rose sharply on Friday amid rising concerns about the potential impact on global crude supplies due to the ongoing conflict between Israel and Hamas. West Texas Intermediate Crude oil futures for November spiked $4.78 or 5.8 percent at $87.69 a barrel. WTI crude futures gained 6 percent in the week.