The Malaysian stock market headed right back into negative territory again on Thursday, one session after it had ended the three-day losing streak in which it had fallen more than 75 points or 5 percent. The Kuala Lumpur Composite Index finished just above the1,475-point plateau, and now traders are looking for renewed support when the market kicks off trade on Friday.
The global forecast for the Asian markets calls for more bargain hunting for the oversold bourses following heavy damage over the last week. Better than expected economic data from the United States adds to the positive sentiment. Financials are expected to fuel the rally, along with the property, technology and oil stocks. Amidst continued volatility, the European and U.S. markets finished sharply higher - and the Asian bourses are expected to follow suit. The KLCI finished slightly lower on Thursday as softness from the financial shares and plantation stocks was pared by support from the industrial issues. For the day, the index eased 4.06 points or 0.27 percent to finish at 1,476.46 after trading between 1,454.52 and 1,479.41. Volume was 1.144 billion shares worth 2.3 billion ringgit. There were 434 decliners and 376 gainers, with 257 stocks finishing unchanged. Among the actives, AirAsia, Maybank, CIMB Group, Sime Darby and Petronas Chemicals all finished lower, while Malaysia Airlines ended higher. In economic news, Fitch Ratings on Thursday affirmed the sovereign ratings of Malaysia with stable outlook. The long-term foreign currency Issuer Default Rating (IDR) was affirmed at 'A-' and long-term local-currency IDR at 'A'. Malaysia's sovereign creditworthiness is supported by a track record of domestic macroeconomic stability and strong external finances, said Fitch. But the economist observed that structural weaknesses in the public finances as well as over dependence on petroleum linked revenues remain largely unaddressed. Read more on my previous post : · DJIA Commentary : Stocks Move Mostly Higher Amid Relatively Calm Day · What will happen to FKLI Futures If The US Really Going To Double Dip Recession ? · DJIA Market Recap: DJIA Caps Volatile Week with a Triple-Digit Gain · Volatile trading ahead for KL bourse BURSA MALAYSIA FKLI FUTURES EOD STILL ON SIDEWAY AND NO SIGN OF UPTREND YET
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