Malaysia Stock Market May Extend Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in back-to-back sessions, slumping almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,725-point plateau and it may take further damage again on Monday.

The global forecast for the Asian markets is weak on profit taking and rising oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference on Monday.

The KLCI finished modestly lower again on Friday following losses from the telecoms and a mixed picture from the financials and plantations.

For the day, the index dipped 7.32 point or 0.42 percent to finish at 1,727.39 after trading between 1,726.77 and 1,734.72.

The lead from Wall Street is soft as the major averages opened slightly higher on Friday but quickly tailed off and fell under water for the balance of the day.

The Dow sank 107.59 points or 0.20 percent to finish at 53,732.41, while the NASDAQ shed 73.84 points or 0.28 percent to end at 26,729.16 and the S&P 500 dipped 13.23 points or 0.17 percent to close at 7,785.23.

For the week, the Dow slid 0.6 percent, while the NASDAQ crept up 0.1 percent and the S&P 500 rose 0.4 percent.

The modest pullback on Wall Street reflected profit taking following the upward move seen in the two previous sessions, which lifted the S&P 500 to a record intraday high above 7,800. Also, the tech-heavy NASDAQ reached its highest closing level in over two months.

In economic news, the University of Michigan noted a significant deterioration in U.S. consumer sentiment in August. Also, the Commerce Department reported an unexpected decline in U.S. retail sales in July.

Crude oil prices surged on Friday as the U.S. and Iran continue to spar on their demands, leaving the Strait of Hormuz shut for shipping traffic. West Texas Intermediate crude for September delivery was up $1.05 or 1.29 percent at $82.30 per barrel.

Closer to home, Malaysia will see July data for consumer prices later today; in June, overall inflation was flat on month and up 1.9 percent on year.