Shares end week lower on disappointing corporate earnings

28/02/2016 12:44 AST

Malaysian shares snapped a two-session losing streak Friday, but fell nearly one percent for the week as lackluster earnings and outlook dented already jittery sentiment.

The nation's benchmark FTSE Bursa Malaysia KLCI rose 0.32% to 1,663.44 points Friday. The index ended 0.7% lower for the week, giving up part of last week's near 2% advance. For the year, the KLCI is down 1.7%.

Tepid earnings and weak outlook dragged Sime Darby, Petronas Chemical Group, Genting Malaysia lower this week. Banking majors CIMB Group Holdings and AMMB Holdings and SapuraKencana Petroleum rose Friday, while IOI Corporation, Malayan Banking and telecommunication stocks dragged.

The ringgit rose 0.21% to 4.207, helped by a rebound in crude prices. The currency has declined marginally this week, its fourth consecutive weekly loss. For the month, it is down 1.3%.

Brent crude oil rose 2.5% Thursday on reports the Organization of the Petroleum Exporting Countries (OPEC) and Russia planned a meeting in March.

U.S. shares rose over 1% overnight, further supported by better-than-expected January durable goods data. European stocks advanced almost 2% yesterday.

Investors will closely follow a two-day meeting between G20 finance ministers and central bankers that started in Shanghai Friday. Weakening global outlook, plunging oil prices and mounting concerns about the health of major banks have roiled markets since the start of 2016.

Amongst Southeast markets Friday, Indonesia's Jakarta Stock Exchange Composite and Singapore's Straits Times advanced 1.61% and 1.77%. Thailand's SET index rose 0.65%, while Philippine's PSE Composite index eked out a 0.03% gain.

In the rest of Asia, Hong Kong's Hang Seng and Japan's Nikkei 225 gained 2.52% and 0.3%. China's Shanghai Composite rose 0.95%, while South Korea's KOSPI slipped 0.06%.

On the KLCI, 15 of the 30 constituents ended higher Friday, while four ended unchanged. Overall declining issues outnumbered advancing ones 492 to 335.

NIKKEI