KUALA LUMPUR, June 9 (Reuters) - Malaysian shares are set
to drop on Monday after Wall Street tumbled on Friday as oil
prices hit another record high and the jobless rate
unexpectedly surged in the United States.
"Overall, the situation remains bumpy," said Ng Jun Sheng,
senior investment analyst at SBB Securities. "Transportation
and aviation stocks could be badly hit but palm oil shares may
get a boost."
He said likely losers could include Malaysian Airline
(MASM.KL) and budget carrier AirAsia (AIRA.KL) but planters
such as IOI Corp (IOIB.KL) may gain.
U.S. crude CLc1 jumped $11 on Friday, its biggest ever
one-day spike in dollar terms, while the U.S. May unemployment
rate rose to 5.5 percent, its highest level since October 2004.
On Friday, the Kuala Lumpur Composite Index .KLSE rose
2.0 percent to 1,248.57 points, rebounding from Thursday's
two-month low on inflation and political worries.
Analysts put immediate support at 1,240 points and
resistance at 1,250-1,255.
The June futures index KLIM8 put the index at 1,230 points.
"I think we may see further corporate earning and GDP
downgrades, so the stock market performance in the second half
of this year could be quite gloomy," said one analyst.
Here are news stories and factors that may affect the
Malaysian stock market on Monday.
----------------------MARKET SNAPSHOT @ 2310 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1360.68 -3.09% -43.370
USD/JPY JPY= 104.72 0.24% 0.250
10-YR US TSY YLD US10YT=RR 3.9284 -- 0.000
SPOT GOLD XAU= 903.2 0.21% 1.850
US CRUDE CLc1 137.75 -0.57% -0.790
DOW JONES .DJI 12209.81 -3.13% -394.64
ASIA ADRS .BKAS 161.00 -3.51% -5.85
------------------------------------------------------------- >
US STOCKS-Dow falls 394.64 points on jobless rate, oil [.N]
> Oil zooms nearly 9 pct higher to record $139
[O/R] > FOREX-Grim jobs data, ECB rate hike talk pummel dollar
[USD/] > TREASURIES-Bonds rally as jobless rate jumps, stocks
dive [US/] > Gold ends nearly 3 pct up on oil rally, weak jobs
[GOL/] > Malaysia hopes to keep new fuel prices till '09
[ID:nKLR19599] > Malaysia minister says no need to raise rates
[ID:nKLR17069] > Malaysia vows measures to ease fuel hike pain
[ID:nSP278209] > India wobbles on fuel hikes, Malaysia firm
[ID:nSP156422] > Malaysian Ranhill Utilities to be taken
private [ID:nKLR313572] > Malaysian IJM wins 500 mln rgt India
highway job[ID:nKLA007637] > Palm futures hit one-week high on
crude, vegoils[ID:nKLR327696] > Malaysia's c.bank reserves at
$125 bln at May 30[ID:nKLA007635] > Moody's affirms Tenaga's
Baa1 rating [ID:nWNA3922] > Malaysia's Petronas to
cut gas subsidies-report [ID:nSIN83204] > Genting casino
gamble, stake buys pressure bonds[ID:nHKG294004] > Malaysia
Tenaga shares surge on tariff raise [ID:nKLA007632]
(Reporting by Jalil Hamid; Editing by Anshuman Daga)
