Shutterstock photo(RTTNews.com) - The Malaysia stock market on Friday halted the three-day winning streak in which it had spiked more than 40 points or 2.2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,755-point plateau and it figures to bounce higher again on Monday.
The global forecast for the Asian markets is upbeat on optimism for U.S. tax reform, plus a bump in crude oil prices. The European markets were mixed and the U.S. bourses were higher, and the Asian markets figure to follow the latter lead.
The KLCI finished modestly lower on Friday following mixed performances from the financial shares and the plantation stocks.
Among the actives, Genting plunged 2.81 percent, while Hong Leong Bank tumbled 2.46 percent, IHH Healthcare surged 1.75 percent, Astro Malaysia Holdings dropped 1.52 percent, IOI Corporation skidded 1.34 percent, Sime Darby spiked 0.95 percent, CIMB Group shed 0.94 percent, YTL Corporation climbed 0.76 percent, Maybank collected 0.53 percent, Public Bank lost 0.19 percent, Tenaga Nasional added 0.13 percent and Petronas Chemicals, Digi.com and PPB Group were unchanged.
The lead from Wall Street is positive as stocks moved higher on Friday lifting all three of the major averages to new record closing highs.
The Dow rose 143.08 points or 0.58 percent to 24,651.74, the NASDAQ spiked 80.06 points or 1.17 percent to 6,936.58 and the S&P 500 climbed 23.80 points or 0.90 percent to 2,675.81. For the week, the Dow surged 1.3 percent, the NASDAQ jumped 1.4 percent and the S&P added 0.9 percent.
The strength on Wall Street came as traders expressed optimism about the likelihood of Republican lawmakers to pass their tax reform legislation.
In economic news, the Federal Reserve Bank of New York said growth in New York manufacturing activity slowed more than anticipated in December. A separate report from the Federal Reserve showed a smaller than expected increase in industrial production in November.
Crude oil futures rose Friday, trimming modest weekly losses after a warning on the global oil glut. January WTI oil gained 26 cents or 0.5 percent for the day to $57.30/bbl. Prices fell 0.1 percent for the week.
Closer to home, Malaysia will provide October data for unemployment later today; in September, the jobless rate was 3.5 percent and the participation rate came in at 67.9 percent.
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