U.S. Markets Trend Will Bring Bursa Malaysia Down
U.S. stocks fell for a third session on Friday after weakness in technology shares that helped send the Nasdaq down to its biggest weekly point loss since the Sept. 11, 2001, attacks. For the week, the Nasdaq lost 6.5 percent or 182 points. The Dow dropped 4.1 percent and the S&P 500 declined 3.7 percent. On Friday, Dow Jones industrial average was down 223.55 points, or 1.69 percent, at 13,042.74. The Standard & Poor’s 500 Index was down 21.07 points, or 1.43 percent, at 1,453.70. The Nasdaq Composite Index was down 68.06 points, or 2.52 percent, at 2,627.94. Qualcomm was among the bellwether tech stocks that led the Nasdaq lower with a decline of 4.2 percent to $38.10, while software maker Microsoft Corp fell 2.9 percent to $33.73.
Bursa Malaysia and other Asian markets will follow the U.S. market trend. Meanwhile, Kuala Lumpur Composite Index (KLCI) is expected to jump at the end of this month due to the listing of biggest plantation company, Synergy Drive Bhd. OSK Investment Bank is estimated the index could boost up to 30 points.
