Soft Start Seen For Malaysia Stock Market – Nasdaq

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(RTTNews.com) – The Malaysia stock market on Friday halted the two-day winning streak in which it had collected more than a dozen points or 0.7 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,780-point plateau and it may tick lower again on Monday.

The global forecast for the Asian markets is mixed to slightly lower, with a decline in crude oil prices likely to weigh. The European and U.S. markets were roughly flat but mostly in the red, and the Asian bourses are expected to follow that lead.

The KLCI finished slightly lower on Friday following mixed performances from the financials, plantations and industrials.

Among the actives, CIMB Group skidded 2.17 percent, while YTL Corporation plunged 2.11 percent, Genting Malaysia dropped 1.51 percent, Maybank climbed 1.16 percent, Petronas Chemicals gained 0.68 percent, Kuala Lumpur Kepong added 0.49 percent, AMMB Holdings shed 0.46 percent, Sime Darby advanced 0.44 percent, IOI Corporation fell 0.22 percent, Tenaga Nasional collected 0.14 percent and Public Bank gathered 0.10 percent.

The lead from Wall Street provides little clarity as stocks moved mostly lower on Friday, although the Dow eked out a modest gain.

The Dow added 13.01 points or 0.1 percent to 21,797.79, while the NASDAQ fell 37.68 points or 0.6 percent to 6,360.19 and the S&P shed 3.67 points or 0.2 percent to 2,461.43. For the week, the NASDAQ tumbled 1.2 percent, the Dow slid 0.9 percent and the S&P lost 0.6 percent.

The weakness came amid concerns about the economic impact of Hurricane Irma, which made landfall in Florida early Sunday. Irma followed close on the heels of Hurricane Harvey, which led to widespread devastation and flooding in Texas.

In economic news, the Commerce Department said wholesale inventories rose more than expected in July, while the Federal Reserve said consumer credit jumped more than expected in July.

Crude oil futures fell Friday but held onto weekly gains as data showed the U.S. oil rig count fell again in what is becoming a rough hurricane season. U.S. West Texas Intermediate light crude oil shed 2.04 percent or $1 at $48.09 a barrel.

Closer to home, Malaysia will see July numbers for industrial and manufacturing production later today.

Industrial production is expected to rise 5.5 percent on year after gaining 4.0 percent in June. Manufacturing production is called higher by 4.9 percent, up from 4.7 percent in the previous month.

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