Malaysia Stock Market May Extend Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in back-to-back sessions, slumping almost 20 points or 1.2 percent in that span. The Kuala Lumpur Composite Index now sits just shy of the 1,610-point plateau and it may take further damage again on Monday.

The global forecast for the Asian markets is negative on rising oil prices and heavy pressure on technology stocks. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

The KLCI finished sharply lower on Friday following losses among the financial, industrial, technology and plantation stocks.

For the day, the index dropped 15.94 points or 0.98 percent to finish at 1,607.76 after trading between 1,602.98 and 1,626.34. There were 597 gainers and 472 decliners.

The lead from Wall Street is weak as the major averages opened mixed on Friday but trended lower throughout the session, finishing near daily lows.

The Dow dropped 175.29 points or 0.34 percent to finish at 52,002.41, while the NASDAQ plunged 572.97 points or 2.14 percent to close at 26,140.03 and the S&P 500 sank 84.62 points or 1.09 percent to end at 7,659.44. For the week, the Dow rose 0.7 percent, the NASDAQ plunged 4.5 percent and the S&P lost 2 percent.

A renewed sell-off among technology stocks weighed on the NASDAQ amid concerns about debt-fueled AI infrastructure spending. Computer hardware stocks again turned in some of the tech sector's worst performances, with the NYSE Arca Computer Hardware Index sinking 5.4 percent to a two-month closing low.

Adding to the negative sentiment, crude oil prices rallied again on Friday, surging above $100 a barrel for the first time in a month as Iran re-escalated its attacks in the Strait of Hormuz. West Texas Intermediate crude for November delivery spiked $3.33 or 3.4 percent to $101.30 a barrel.

In economic news, the Federal Reserve said industrial production in the U.S. increased by more than expected in September, rising 0.7 percent following a revised 0.1 percent uptick in August.

Closer to home, Malaysia will provide September data for imports, exports, trade balance and consumer prices later today. In August, imports surged 41.1 percent on year and exports jumped an annual 45.5 percent for a trade surplus of MYR28.10 billion. Inflation was up 0.3 percent on month and 1.9 percent on year in August.