(RTTNews) - The Malaysia stock market on Friday wrote a finish to the five-day losing streak in which it had stumbled almost 50 points or 4.9 percent. The Kuala Lumpur Composite Index now rests just above the 1,380-point plateau, although it's expected to head south again on Monday.
The global forecast for the Asian markets is negative on rising fears of recession and higher interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The KLCI finished modestly higher on Friday following gains from the plantations and telecoms, while the financials and glove makers were mixed.
For the day, the index added 9.11 points or 0.66 percent to finish at 1,382.47 after trading between 1,381.34 and 1,391.38. Volume was 2.253 billion shares worth 1.761 billion ringgit. There were 481 gainers and 335 decliners.
Among the actives, Axiata jumped 2.12 percent, while Digi.com increased 1.56 percent, Genting advanced 1.41 percent, Genting Malaysia perked 0.39 percent, Hartalega Holdings spiked 2.17 percent, IHH Healthcare accelerated 2.14 percent, INARI gathered 0.43 percent, IOI Corporation improved 1.64 percent, Kuala Lumpur Kepong climbed 1.70 percent, Maybank and Press Metal both lost 0.24 percent, Maxis rallied 2.13 percent, MRDIY surged 2.62 percent, Petronas Chemicals added 1.18 percent, PPB Group gained 0.89 percent, Public Bank collected 0.72 percent, RHB Capital fell 0.18 percent, Sime Darby rose 0.47 percent, Sime Darby Plantations soared 2.28 percent, Telekom Malaysia strengthened 1.73 percent, Tenaga Nasional shed 0.50 percent and Top Glove, CIMB Group, Dialog Group and MISC were unchanged.
The lead from Wall Street is brutal as the major averages opened higher on Friday but quickly nosedived into the red and finished with deep losses.
The Dow tumbled 403.87 points or 1.34 percent to finish at 29,634.83, while the NASDAQ plunged 327.81 points or 3.08 percent to close at 10,321.39 and the S&P 500 sank 86.84 points or 2.37 percent to end at 3,583.07.
For the week, the Dow rose 1.2 percent, the NASDAQ dropped 3.1 percent and the S&P lost 1.5 percent.
The sharp pullback on Wall Street extended the volatility on Thursday, when stocks recovered from an early sell-off to close sharply higher. But renewed selling pressure was generated by a report from the University of Michigan showing a rebound in inflation expectations in October.
Traders also reacted to earnings news from several big-name financial companies as JPMorgan Chase (JPM) and Wells Fargo (WFC) reported better than expected revenues, while Morgan Stanley (MS) missed estimates.
Crude oil prices plummeted on Friday, weighed down by concerns about the outlook for energy demand amid the rising possibility of a global recession. West Texas Intermediate Crude oil futures for November ended lower by $3.50 or 3.9 percent at $85.61 a barrel.
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