Malaysian Stock Exchange Delayed to End Loss Streak

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(RTTNews) – The Malaysian stock market has ended lower in nine consecutive sessions, falling more than 75 points or 4.8% along the way. The Kuala Lumpur Composite Index now sits just above the 1,530 point plateau and is now expected to open in the green on Tuesday.

Global forecasts for Asian markets are positive ahead of Wednesday’s Federal Reserve policy announcement and crude oil price support. The European and US markets were up and Asian stock exchanges are expected to open similarly.

The KLCI ended sharply lower on Monday following losses in financial stocks, plantation stocks, telecoms and glove makers.

For the day, the index plunged 31.39 points or 2.01 percent to end at 1,530.92 after trading between 1,526.04 and 1,545.99. The volume was 3,471.5 billion shares worth 3.227 billion ringgits. There were 992 decline and 179 winners. Among assets, Axiata fell 3.04%, while CIMB Group fell 3.45%, Dialog Group added 0.35%, Digi.com fell 0.47%, Genting fell 2 , 32%, Genting Malaysia slipped 1.26%, Hartalega Holdings shed 3.24%, IHH Healthcare slipped 0.92 percent, IOI Corporation sank 1.53 percent, Kuala Lumpur Kepong lost 1.48 percent, Maybank fell 0.75 percent, Maxis fell 1.50 percent, MISC weakened 1.70 percent, MRDIY stumbled 2.39 percent, Petronas Chemicals lost 3.91 percent, PPB Group fell 1.21 percent, Press Metal fell 1.44%, Public Bank fell 3.12%, RHB Capital plunged 4.48%, Sime Darby fell 1.32%, Sime Darby Plantations fell 0.25%, Telekom Malaysia fell 5.18%, Tenaga Nasional sank 0.62% and Top Glove slipped 2.57%.

Wall Street’s lead is bullish as major averages opened higher on Monday and remained mostly in the green throughout the session, ending with modest gains and at record closing highs.

The Dow Jones climbed 94.28 points or 0.26% to close at 35,913.84, while the NASDAQ jumped 97.53 points or 063% to close at 15,595.92 and the S&P 500 rose of 8.29 points or 0.18% to finish at 4,613.67.

Choppy trading on Wall Street came as traders eagerly awaited Wednesday’s announcement from the Fed. The central bank is expected to leave interest rates unchanged, but may announce plans to start scaling back its asset purchase program.

A spate of positive earnings news also contributed to a recent uptrend, with most large companies reporting better-than-expected quarterly results.

On the economic news side, the Institute for Supply Management noted a slight slowdown in the pace of growth in manufacturing activity in the United States in October. Additionally, the Commerce Department said construction spending in the United States unexpectedly declined in September.

Crude oil prices rose on Monday, with traders weighing energy demand and supply levels and anticipating the next OPEC meeting. West Texas Intermediate crude oil futures for December ended up $ 0.48 or 0.6% at $ 84.05 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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