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Malaysia Bourse May Run Out Of Steam On Monday

The Malaysia stock market has finished higher in four straight sessions, climbing more than 30 points or 2 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,555-point plateau although investors may cash in on Monday.

The global forecast for the Asian markets is soft, with profit taking likely after last week's rally. The European and U.S. markets were down on Friday and the Asian markets are likely to follow suit.

The KLCI finished slightly higher on Friday following mixed performances from the financial shares and the plantation stocks.

For the day, the index rose 1.72 points or 0.11 percent to finish at 1,554.49 after trading between 1,546.08 and 1,554.91. Volume was 2.7 billion shares worth 2.2 billion ringgit. There were 457 decliners and 377 gainers.

Among the actives, Hong Leong Financial skyrocketed 6.93 percent, while CIMB Group surged 2.59 percent, Tenaga Nasional plummeted 1.09 percent, MICS plunged 0.97 percent, Maxis soared 0.93 percent, Sime Darby spiked 0.91 percent, Petronas Chemicals tumbled 0.77 percent, Top Glove and Maybank accelerated 0.71 percent, Axiata skidded 0.68 percent, Press Metal sank 0.59 percent, Dialog Group dropped 0.58 percent, Sime Darby Plantations jumped 0.58 percent, Malaysia Airports Holdings shed 0.57 percent, AMMB Holdings lost 0.52 percent, Genting gained 0.37 percent, Public Bank fell 0.33 percent, IOI Corporation added 0.22 percent, RHB Capital slid 0.17 percent, IHH Healthcare rose 0.17 percent, Kuala Lumpur Kepong eased 0.08 percent and Petronas Gas, Hartalega Holdings, Digi.com, Genting Malaysia and Hong Leong Bank were unchanged.

The lead from Wall Street is negative as stocks spent most of Friday's session in the red, handing back gains from earlier in the week.

The Dow shed 277.26 points or 0.94 percent to end at 29,102.51, while the NASDAQ lost 51.64 points or 0.54 percent to 9,520.51 and the S&P 500 fell 18.07 points or 0.54 percent to 3,327.71.

Profit taking fueled to weakness on Wall Street as traders looked to cash in after the strong upward move in previous days. Lingering concerns about the coronavirus also re-emerged after traders shrugged off the worries about the outbreak to drive stocks higher.

However, selling pressure was subdued following the release of the Labor Department report that showed stronger than expected job growth in January.

Crude oil futures closed lower on Friday as worries about the spread of the coronavirus and its impact on the global economy and energy demand weighed on oil prices. West Texas Intermediate crude oil futures for March ended down $0.63 or 1.2 percent at $50.32 a barrel.

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