The Malaysia stock market has finished lower in back-to-back trading days, shedding more than 25 points or 1.6 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,560-point plateau and it’s tipped to open under pressure again on Monday.
The global forecast for the Asian markets is negative thanks to unrest in Hong Kong and how it may delay any resolution in the trade spat between the United States and China. The European and U.S. markets were down on Friday and the Asian bourses are tipped to open in similar fashion.
The KLCI finished sharply lower on Friday following losses from the financials, plantations, telecoms and industrials.
For the day, the index skidded 22.03 points or 1.39 percent to finish at 1,561.74 after trading between 1,560.74 and 1,585.70. Volume was 2.59 billion shares worth 2.35 billion ringgit. There were 630 decliners and 296 gainers.
Among the actives, Tenaga Nasional plummeted 4.08 percent, while Petronas Gas plunged 3.49 percent, Maxis tumbled 3.18 percent, Axiata skidded 3.05 percent, AMMB Holding retreated 2.68 percent, Sime Darby declined 2.17 percent, IOI Corporation dropped 2.03 percent, Top Glove sank 1.96 percent, Digi.com shed 1.75 percent, Sime Darby Plantations lost 1.39 percent, Dialog Group fell 1.18 percent, Genting Malaysia advanced 0.96 percent, CIMB Group slid 0.96 percent, Malaysia Airports Holdings added 0.85 percent, Public Bank dipped 0.61 percent, Petronas Chemicals was down 0.56 percent, Genting eased 0.34 percent, Kuala Lumpur Kepong rose 0.17 percent and Maybank collected 0.12 percent.
The lead from Wall Street is soft as stocks gave ground in Friday’s shortened session retreating from Wednesday’s record closing highs.
The Dow shed 112.59 points or 0.40 percent to 28,051.41, while the NASDAQ lost 39.70 points or 0.46 percent to 8,665.47 and the S&P 500 fell 12.65 points or 0.40 percent