The Malaysia stock market on Friday wrote a finish to the modest two-day winning streak in which it had gathered almost a dozen points or 0.7 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,680-point plateau although it figures to rebound on Monday.
The global forecast for the Asian markets is broadly positive after the United States and China agreed to a truce in their trade war. The European markets were down and the U.S. bourses were up and the Asian markets are tipped for follow the latter lead.
The KLCI finished sharply lower on Friday following losses from the financial shares and plantation stocks.
For the day, the index declined 16.48 points or 0.97 percent to finish at 1,679.86 after trading between 1,677.45 and 1,702.98. Volume was 3.1 billion shares worth 4.5 billion ringgit. There were 614 decliners and 273 gainers.
Among the actives, Sime Darby plummeted 4.58 percent, while IOI Corporation plunged 3.41 percent, IHH Healthcare tumbled 2.36 percent, CIMB Group skidded 1.54 percent, Kuala Lumpur Kepong dropped 0.97 percent, Telekom Malaysia shed 0.85 percent, Maybank lost 0.63 percent and Tenaga Nasional was unchanged.
The lead from Wall Street is upbeat as stocks shrugged off an early move to the downside on Friday, rebounding to finish in the green.
The Dow added 199.62 points or 0.79 percent to 25,538.46, the NASDAQ gained 57.45 points or 0.79 percent to 7,330.54 and the S&P was up 22.41 points or 0.82 percent to 2,760.17. For the week, the NASDAQ surged 5.6 percent, the Dow spiked 5.1 percent and the S&P added 4.8 percent.
The strength on Wall Street reflected optimism ahead of the highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping at the G20 summit in Argentina. At the meeting, the leaders agreed to