Best Stocks to Buy – Bargain Hunting May Boost Malaysia Shares
(RTTNews) – The Malaysia stock market has finished lower in three straight sessions, sinking almost 30 points or 1.9 percent along the way. The Kuala Composite Index now rests just above the 1,560-point plateau although it may find support on Monday.
The global forecast for the Asian markets is murky, with oil stocks tipped to offer support while technology shares may fall under pressure. The European and U.S. markets were mixed and the Asian bourses figure to follow that lead.
The KLCI finished modestly lower on Friday following losses from the financial shares and glove makers, while the plantations and telecoms were mixed.
For the day, the index lost 13.15 points or 0.83 percent to finish at 1,562.17 after trading between 1,552.07 and 1,574.70. Volume was 7.528 billion shares worth 4.069 billion ringgit. There were 881 decliners and 330 gainers.
Among the actives, Axiata plummeted 4.23 percent, while CIMB Group plunged 2.12 percent, Dialog Group lost 1.03 percent, Digi.com spiked 1.95 percent, Genting surged 4.83 percent, Genting Malaysia soared 2.32 percent, Hartalega Holdings skidded 1.67 percent, IHH Healthcare retreated 1.52 percent, IOI Corporation added 0.74 percent, Kuala Lumpur Kepong was down 0.18 percent, Maybank dipped 0.36 percent, Maxis fell 0.66 percent, MISC tumbled 1.76 percent, Petronas Chemicals slid 0.50 percent, PPB Group sank 1.29 percent, Press Metal and Telekom Malaysia both declined 1.38 percent, Public Bank dropped 1.19 percent, RHB Capital slipped 0.19 percent, Sime Darby surrendered 1.36 percent, Sime Darby Plantations eased 0.45 percent, Supermax tanked 1.86 percent, Top Glove shed 1.12 percent and Tenaga Nasional and Hong Leong Financial were unchanged.
The lead from Wall Street is mixed as the major averages opened solidly higher on Friday but faded as the day progressed, with only the Dow ending in positive territory.
The Dow advanced 123.69 points or 0.36 percent to finish at 34,207.84, while the NASDAQ sank 64.75 points or 0.48 percent to end at 13,470.99 and the S&P 500 eased 3.26 points or 0.08 percent to close at 4,155.86. For the week, the NASDAQ rose 0.3 percent, the Dow lost 0.5 percent and the S&P fell 0.4 percent.
The mixed performance came as traders remain optimistic about the economic outlook but also remain wary of signs that the Federal Reserve will soon consider tapering its asset purchases.
In economic news, the National Association of Realtors reported an unexpected decrease in existing home sales in April.
Crude oil prices rose sharply on Friday on reports that a cyclone may disrupt production in the Gulf of Mexico. West Texas Intermediate Crude oil futures ended up $1.64 or 2.7 percent at $63.58 a barrel. WTI futures shed 2.7 percent in the week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.