Shutterstock photo(RTTNews.com) - The Malaysia stock market has moved lower in four straight sessions, sliding almost 15 points or 0.9 percent on its way to a fresh six-month closing low. The Kuala Lumpur Composite Index now rests just above the 1,740-point plateau although it may stop the bleeding on Monday.
The global forecast for the Asian markets is positive thanks to optimism over U.S. tax reform and a bump in crude oil prices. The European and U.S. markets were up on Friday and the Asian markets figure to follow that lead.
The KLCI finished slightly lower on Friday following mixed performances from the financial shares, plantations and telecoms.
Among the actives, Digi.com jumped 1.05 percent, while YTL Corporation advanced 0.73 percent, IOI Corporation skidded 0.67 percent, Maybank shed 0.64 percent, Maxis lost 0.52 percent, Telekom Malaysia added 0.49 percent, Kuala Lumpur Kepong gained 0.33 percent, Sime Darby was up 0.22 percent, Genting Malaysia dipped 0.19 percent, CIMB Group collected 0.16 percent and Tenaga Nasional, IHH Healthcare and Petronas Chemicals were unchanged.
The lead from Wall Street is upbeat as stocks moved higher on Friday, allowing the major averages to hit fresh record closing highs.
The Dow advanced 165.59 points or 0.71 percent to 23,328.63, while the NASDAQ rose 23.99 points or 0.36 percent to 6,629.04 and the S&P was up 13.11 points or 0.51 percent to 2,575.21. For the week, the Dow added 2 percent, while the NASDAQ gained 0.4 percent and the S&P was up 0.9 percent.
The strength was partly in reaction to news that Senate Republicans approved a budget resolution to advance their tax reform plan. The plan includes a reduction in the corporate tax rate to 20 percent from 35 percent and a consolidation in personal income tax brackets to three from seven.
In earnings news, General Electric (GE) reported Q3 earnings well below estimates and slashed its full-year earnings forecast. Procter & Gamble (PG) saw solid earnings but on sales that missed estimates. PayPal (PYPL) reported Q3 results that beat estimates on both the top and bottom lines.
Crude oil futures rose Friday after U.S. rig count fell for a third consecutive week. December WTI oil settled at $51.84/bbl, up 33 cents or 0.6 percent. November WTI oil was up 18 cents or 0.4 percent to $51.47/bbl on expiration day.
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