The Malaysian stock market has experienced a decline over two consecutive sessions, losing nearly 10 points or 0.6%, positioning the Kuala Lumpur Composite Index just below the 1,595 mark. However, a rebound is anticipated on Monday.
The forecast for Asian markets is optimistic, driven by expected bargain hunting following substantial sell-offs the previous week. European and U.S. markets witnessed an upswing on Friday, and it's projected that Asian exchanges will mirror this trend.
On Friday, the KLCI saw a slight decrease, marked by losses in the telecommunications sector, gains in financials, and mixed outcomes in the plantations and industrials sectors. The index fell 3.20 points, a decrease of 0.20%, to close at 1,594.29, moving within a range of 1,586.39 to 1,603.59 throughout the day.
Key market movements included a 0.28% drop in Celcomdigi and Genting, while Genting Malaysia surged by 1.89%. IHH Healthcare and QL Resources each gained 0.41%. IOI Corporation saw a decline of 1.04%, Kuala Lumpur Kepong 0.67%, and Maxis 1.14%. MISC fell 2.03%, MRDIY was down 0.55%, while Nestle Malaysia grew 0.73%. Petronas Chemicals decreased by 0.43%, PPB Group retreated by 1.20%, and Press Metal dropped 0.85%. Public Bank rose 1.36%, with RHB Bank climbing 1.35%. Sime Darby fell 1.30%, SD Guthrie increased by 1.26%, and Tenaga Nasional tumbled 2.29%. YTL Corporation decreased by 1.42%, and YTL Power fell 1.45%, while Axiata, Sunway, Telekom Malaysia, Maybank, and CIMB Group saw no change.
Wall Street provided a positive lead as the key indexes gained traction following Thursday's Thanksgiving break, maintaining upward momentum throughout the short trading session, and closing near the peak of the day.
The Dow Jones Industrial Average rose by 188.59 points, or 0.42%, reaching 44,910.65. Meanwhile, the NASDAQ climbed 157.69 points, or 0.83%, to 19,218.17, and the S&P 500 grew by 33.64 points, or 0.56%, to finish at 6,032.38.
For the week, abbreviated by the holiday, both the NASDAQ and S&P 500 advanced by 1.1%, while the Dow rose by 1.4%.
The resurgence on Wall Street was partly due to traders looking to acquire stocks at lower levels following a pullback observed on Wednesday. Semiconductor stocks notably led the recovery, with the Philadelphia Semiconductor Index increasing by 1.5% following a two-month intraday low during the previous session.
In commodities, crude oil futures concluded lower on Friday after OPEC deferred its meeting to December 5. This despite expectations of a delay in production increases. West Texas Intermediate (WTI) crude oil futures for January delivery dropped $0.72, or 1.1%, ending at $68.00 per barrel. Over the week, WTI crude futures fell by 4.5%.
