(RTTNews) - The Malaysia stock market on Friday ended the two-day winning streak in which it had collected almost 35 points or 2.2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,570-point plateau and it may extend its losses on Monday.
The global forecast for the Asian markets is weak thanks to rising crude oil prices and tumbling 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 modestly lower on Friday following losses from the telecoms, plantations and glove makers, while the financials were mixed.
For the day, the index shed 12.31 points or 0.78 percent to finish at 1,568.22 after trading between 1,560.63 and 1,575.14. Volume was 2.419 billion shares worth 2.270 billion ringgit. There were 450 gainers and 449 decliners.
Among the actives, Axiata sank 0.53 percent, while CIMB Group gained 0.40 percent. Dialog Group declined 1.09 percent, Digi.com surged 2.53 percent, Genting weakened 0.22 percent, Genting Malaysia and RHB Capital both dipped 0.34 percent, Hartalega Holdings surrendered 1.60 percent, IHH Healthcare eased 0.16 percent, INARI and Hong Leong Bank both added 0.69 percent, IOI Corporation plunged 2.33 percent, Kuala Lumpur Kepong fell 0.38 percent, Maybank shed 0.45 percent, Maxis dropped 0.48 percent, MISC skidded 0.68 percent, MRDIY rose 0.28 percent, Petronas Chemicals jumped 0.83 percent, PPB Group tanked 2.21 percent, Press Metal slumped 0.61 percent, Public Bank retreated 0.97 percent, Sime Darby lost 0.44 percent, Sime Darby Plantations was down 0.19 percent, Telekom Malaysia tumbled 2.03 percent, Tenaga Nasional stumbled 0.67 percent and Top Glove plummeted 2.34 percent.
The lead from Wall Street is negative as the major averages opened higher on Friday but were unable to hold on to their gains and finished firmly in the red.
The Dow skidded 229.91 points or 0.69 percent to finish at 32,944.19, while the NASDAQ tumbled 286.19 points or 2.18 percent to end at 12,843.81 and the S&P 500 sank 55.21 points or 1.30 percent to close at 4.204.31. For the week, the Dow shed 2 percent, the NASDAQ lost 3.5 percent and the S&P fell 2.9 percent.
Rising worries about the economic impact of the ongoing Russian invasion of Ukraine war and the various sanctions imposed on Russia by the U.S. and the Western allies rendered the mood bearish.
In economic news, the University of Michigan noted a bigger than expected drop in U.S. consumer sentiment in March. The report also showed that one-year inflation expectations jumped to 5.4 percent in March from 4.9 percent in February, while five-year inflation expectations held at 3.0 percent.
Crude oil prices climbed higher Friday on concerns about disruptions in supply amid uncertainty about any meaningful progress in talks between Russia and Ukraine. West Texas Intermediate Crude oil futures for April ended higher by $3.31 or 3.1 percent at $109.33 a barrel. WTI crude futures shed 5.5 percent in the week.
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