Malaysia Stock Market May Spin Its Wheels On Monday

(RTTNews) - The Malaysia stock market has finished higher in four straight sessions, collecting almost 15 points or 0.9 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,610-point plateau although it may run out of steam on Monday.

The global forecast for the Asian markets is negative on rising oil prices and ahead of this week's U.S. rate decision. The European and U.S. markets were down and the Asian bourses are likely to open in similar fashion.

The KLCI finished slightly higher on Friday as gains from the retail, industrial, finance and plantation stocks were capped by weakness among the consumer, communication and property stocks.

For the day, the index rose 3.42 points or 0.21 percent to finish at the daily high of 1,611.56 after trading as low as 1,604.38.

The lead from Wall Street is weak as the major averages opened lower on Friday and mostly stayed under water, finishing near session lows.

The Dow tumbled 652.84 points or 1.23 percent to finish at 52,215.16, while the NASDAQ sank 53.56 points or 0.21 percent to close at 25,955.34 and the S&P 500 lost 39.75 points or 0.52 percent to end at 7,623.68.

For the week, the Dow rose 0.4 percent, the NASDAQ shed 0.7 percent and the S&P fell 0.5 percent.

Lingering concerns about the artificial intelligence trade contributed to the weakness on Wall Street along with a continued increase in the price of crude oil.

Crude oil prices spiked on Friday on rising fears of fresh U.S.-Iran conflict, as well as the ongoing Houthi-Saudi Arabia violence. West Texas Intermediate crude for December delivery was up $3.54 or 3.56 percent at $103.01 per barrel.

However, traders were reluctant to make more significant moves ahead of several key events this week, including the Federal Reserve's latest monetary policy meeting. The Fed is scheduled to announce its latest monetary policy decision on Wednesday and leave rates unchanged.