Malaysia Stock Market Due For Support On Monday

(RTTNews) - The Malaysia stock market has finished lower in two sessions, easing almost 8 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,450-point plateau although it's expected to find traction on Monday.

The global forecast for the Asian markets is upbeat, fueled by solid earnings news among technology shares. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets are also tipped to open in the green.

The KLCI finished modestly higher on Friday following losses from the plantations, support from the glove makers and mixed performances from the financials and telecoms.

For the day, the index slipped 6.78 points or 0.47 percent to finish at 1,447.31 after trading between 1,442.04 and 1,456.47. Volume was 2.384 billion shares worth 1.651 billion ringgit. There were 450 decliners and 393 gainers.

Among the actives, Axiata retreated 1.45 percent, while CIMB Group sank 0.71 percent, Dialog Group plummeted 4.98 percent, Genting Malaysia climbed 1.12 percent, Hartalega Holdings rallied 2.40 percent, IHH Healthcare gained 0.51 percent, Kuala Lumpur Kepong declined 1.71 percent, Maybank slumped 1.15 percent, MISC was up 0.28 percent, MRDIY fell 0.51 percent, Petronas Chemicals eased 0.11 percent, PPB Group dropped 0.60 percent, Press Metal added 0.69 percent, Public Bank skidded 1.13 percent, RHB Capital collected 0.35 percent, Sime Darby rose 0.45 percent, Sime Darby Plantations tumbled 2.03 percent, Telekom Malaysia advanced 0.73 percent, Tenaga Nasional improved 0.72 percent, Top Glove jumped 1.94 percent and Digi.com, Genting, INARI, IOI Corporation and Maxis were unchanged.

The lead from Wall Street is broadly positive as the major averages opened slightly higher on Friday but accelerated throughout the day, ending near session highs.

The Dow surged 828.50 points or 2.59 percent to finish at 32,861.80, while the NASDAQ soared 309.75 points or 2.87 percent to end at 11,102.45 and the S&P 500 jumped 93.76 points or 2.46 percent to close at 3,901.06.

For the week, the Dow spiked 5.7 percent, the S&P 500 jumped 4.0 percent and the NASDAQ rallied 2.2 percent.

Traders reacted positively to strong earnings news from the likes of semiconductor giant Intel (INTC), Apple (AAPL) and energy giant Exxon Mobil (XOM).

Buying interest may also have been generated by a Commerce Department report showing core consumer price growth accelerated less than expected in September - which may encourage the Federal Reserve to slow the pace of its interest rate hikes.

Oil prices drifted lower on Friday as worries about the outlook for energy demand resurfaced due to increased Covid-19 restrictions in parts of China. West Texas Intermediate Crude oil futures for December slumped $1.18 or 1.3 percent at $87.90 a barrel. WTI crude futures gained more than 3 percent in the week.