Asian Economic News
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Malaysian Shares May End Win Streak
10/18/2009 6:41 PM ET
(RTTNews) - The Malaysian stock market has finished higher now in four consecutive sessions, collecting more than 20 points or 1.9 percent to hit a fresh closing high for the year. The Kuala Lumpur Composite Index moved above the 1,255-point plateau, but now analysts are forecasting a modest retreat at the opening of trade on Monday.
The global forecast for the Asian markets suggests weakness, thanks to disappointing economic and earnings news out of the United States. Technology and financial stocks are expected to be under pressure, although strength among the commodities - especially oil - may provide some support. The European and U.S. markets finished modestly lower on Friday, and the Asian markets are forecast to follow that lead.
The KLCI finished modestly higher on Friday, thanks to firm support from the financial stocks and the plantations, while the industrial issues saw more modest gains.
For the day, the index added 9.91 points or 0.80 percent to finish at 1,256.77. Volume was 1.147 billion shares worth 1.217 billion ringgit. There were 481 gainers and 239 decliners, with 238 stocks finishing unchanged.
Among the gainers, DBE Gurney Resources, SKP Resources, TA Enterprise, Sime Darby, Maybank, CIMB Group, Tenaga, IOI Corp and Genting all finished higher.
http://www.rttnews.com/Content/AsianMtUpdates.aspx?Node=B3&Id=1096268
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