Malaysia Bourse May Spin Its Wheels On Monday

(RTTNews) - The Malaysia stock market has finished higher in consecutive trading days, rising almost 20 points or 1.1 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,720-point plateau although it may be stuck in neutral on Monday.

The global forecast for the Asian markets is negative on surging oil prices and the ongoing war in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The KLCI finished slightly higher on Friday following gains from the industrials, weakness from the financials and mixed performances from the plantations and telecoms.

For the day, the index rose 4.86 points or 0.28 percent to finish at 1,718.06 after trading between 1,708.48 and 1,719.95. Among the actives, 99 Speed Mart Retail skidded 0.86 percent, while AMMB Holdings dipped 0.15 percent, Axiata plummeted 3.45 percent, Celcomdigi added 0.31 percent, CIMB Group slumped 0.87 percent, Gamuda sank 0.72 percent, IHH Healthcare declined 0.89 percent, IOI Corporation lost 0.51 percent, Kuala Lumpur Kepong soared 3.42 percent, Maybank collected 0.51 percent, MISC surged 5.58 percent, Nestle Malaysia tanked 2.13 percent, Petronas Chemicals skyrocketed 22.22 percent, Petronas Dagangan eased 0.09 percent, Petronas Gas advanced 0.89 percent, PPB Group spiked 2.20 percent, Press Metal rallied 2.09 percent, Public Bank shed 0.61 percent, QL Resources rose 0.25 percent, RHB Bank fell 0.24 percent, Sime Darby jumped 2.07 percent, Sunway retreated 1.23 percent, Telekom Malaysia stumbled 1.45 percent, Tenaga Nasional dropped 0.84 percent, YTL Corporation vaulted 1.76 percent, YTL Power climbed 1.11 percent and Maxis, MRDIY and SD Guthrie were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Friday and remained under water throughout the trading day, ending near session lows.

The Dow dropped 453.19 points or 0.95 percent to finish at 47,501.55, while the NASDAQ tumbled 361.31 points or 1.59 percent to close at 22,387.68 and the S&P 500 sank 90.69 points or 1.33 percent to end at 6,740.02.

The sell-off on Wall Street came amid an extended surge by the price of crude oil. Crude oil has skyrocketed over the past week as the U.S.-Iran conflict spreads across the Middle East, leading to concerns about a global energy crisis.

Crude oil prices surged on Friday after Qatar warned of a production halt in the gulf as the ongoing U.S.-Israeli war against Iran has heavily disrupted energy supply routes through the Strait of Hormuz. West Texas Intermediate crude for April delivery was up $9.88 or 12.20 percent at $90.89 per barrel.

As the Middle East conflict entered its seventh day, Israel intensified air strikes on Iran, while the U.S. said its attacks on Iran are going to "surge dramatically."

Negative sentiment was also generated by the watched Labor Department report showing U.S. unemployment unexpectedly in February. The Labor Department also said the unemployment rate ticked up to 4.4 percent in February from 4.3 percent in January.