Malaysia Bourse May Hand Back Friday's Gains

(RTTNews) - The Malaysia stock market has finished higher in two of three trading days since the end of the three-day slide in which it had tumbled more than 40 points or 2.6 percent. The Kuala Lumpur Composite Index now rests just above the 1m670-point plateau although it's expected to head south again on Monday.

The global forecast for the Asian markets is soft as there appears to be no end in sight for the U.S. government shutdown. The European markets were slightly higher and the U.S. bourses were sharply lower and the Asian markets are tipped to follow the latter lead.

The KLCI finished sharply higher on Friday following gains from the plantations and telecoms.

For the day, the index jumped 19.72 points or 1.19 percent to finish at 1,670.28 after trading between 1,642.79 and 1,672.21. Volume was 1.8 billion shares worth 1.9 billion ringgit. There were 439 gainers and 356 decliners.

Among the actives, Tenaga Nasional surged 5.15 percent, while Sime Darby soared 3.98 percent, Telekom Malaysia spiked 3.88 percent, IOI Corporation jumped 2.63 percent, IHH Healthcare climbed 2.49 percent, MISC skidded 2.38 percent, Genting Malaysia tumbled 1.30 percent, Kuala Lumpur Kepong advanced 0.75 percent, perked 0.69 percent, Dialog Group dropped 0.66 percent, Petronas Chemicals and Maybank both shed 0.11 percent, Public Bank collected 0.0-8 percent and CIMB Group and PPB Group were unchanged.

The lead from Wall Street is broadly negative as stocks moved sharply lower on Friday ahead of a government shutdown that now seems likely to last at least through Christmas.

The Dow shed 414.23 points or 1.81 percent to 22,445.37, while the NASDAQ plummeted 195.41 points or 2.99 percent to 6,332.99 and the S&P 500 fell 50.80 points or 2.06 percent to 2,416.62. For the week, the NASDAQ nosedived 8.4 percent, the S&P lost 7.1 percent and the Dow fell 6.9 percent.

The extended sell-off on Wall Street came as traders kept an eye on developments on Capitol Hill, with lawmakers at an impasse over funding for President Donald Trump's controversial wall on the border with Mexico.

Traders largely shrugged off mixed economic data on durable goods orders, third quarter GDP, personal income and spending and consumer sentiment.

Crude oil futures ended lower on Friday, extending losses from previous session amid concerns over excess supply in the market. Crude oil futures for February ended down $0.29 or 0.6 percent at $45.59 a barrel, the lowest settlement since July 2017.
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