Malaysia Shares May Extend Losing Streak On Friday

The Malaysia stock market has finished lower in two straight sessions, slumping almost 15 points or 1 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,615-point plateau and it’s tipped to open in the red again on Friday.

The global forecast for the Asian markets is mixed ahead of more earnings news and economic data. The European and U.S. markets were mostly lower and the Asian bourses figure to track that lead.

The KLCI finished slightly lower on Thursday as losses from the plantations and telecoms were mitigated by support from the financial sector.

For the day, the index dipped 5.96 points or 0.37 percent to finish at 1,615.18 after trading between 1,610.58 and 1,618.00.

Among the actives, Axiata plunged 2.41 percent, while Celcomdigi rose 0.27 percent, CIMB Group eased 0.14 percent, Genting declined 1.06 percent, Genting Malaysia fell 0.39 percent, IHH Healthcare and Nestle both improved 0.16 percent, Kuala Lumpur Kepong tumbled 1.25 percent, Maxis skidded 0.56 percent, Maybank collected 0.20 percent, MISC added 0.58 percent, MRDIY sank 0.49 percent, Petronas Chemicals dipped 0.17 percent, Petronas Dagangan climbed 1.18 percent, PPB Group dropped 0.55 percent, Public Bank advanced 0.72 percent, QL Resources shed 0.45 percent, RHB Capital gained 0.35 percent, Sime Darby retreated 1.14 percent, SD Guthrie lost 0.44 percent, Telekom Malaysia slumped 0.58 percent, Tenaga Nasional plummeted 2.78 percent, YTL Power tanked 1.46 percent and YTL Corporation, IOI Corporation, Press Metal and Sunway were unchanged.

The lead from Wall Street is weak as the major averages opened mixed, spent most of the day in positive territory before a late slump saw some of them end in the end.

The Dow gained 81.20 points or 0.20 percent to finish at 39,935.07, while the NASDAQ tumbled 160.69 points or 0.93 percent to end at 17,181.72 and the S&P 500 sank 27.91 points or 0.51 percent to close at 5,399.22.

Stocks gained in strength early in the session thanks to data showing a sharper than expected acceleration in U.S. economic growth in the second quarter.

The Commerce Department said the GDP growth reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment – while the personal consumption expenditures price index slowed to 2.6 percent.

Also, the Commerce Department said durable goods orders plummeted in June, while the Labor Department noted a slowdown in initial jobless claims last week.

Oil climbed higher on Thursday, extending recent gains after data showed a sharper than expected acceleration in U.S. GDP growth in Q2. West Texas Intermediate Crude oil futures for September rose $0.69 at $78.28 a barrel.