(RTTNews) – The Malaysian stock market ended a three-day winning streak on Thursday in which it gained more than 15 points or 1%. The Kuala Lumpur Composite Index is now just below the 1,550-point plateau and it could take further damage on Friday.
The overall outlook for Asian markets is negative, with selling pressure expected among technology, transportation and tobacco stocks. European and American markets were down and Asian stock exchanges are expected to follow suit.
KLCI ended slightly lower on Thursday as losses in financials and telecom stocks were mitigated by support from plantations.
For the day, the index slipped 5.50 points or 0.35% to end at 1,549.41 after trading between 1,545.02 and 1,554.53. The volume was 2.690 billion shares worth 2.231 billion ringgit. There were 692 refusals and 272 winners.
Among assets, Axiata fell 1.86%, while CIMB Group fell 0.59%, Digi.com, MRDIY and MISC all fell 1.16%, Genting jumped 4.74%, Genting Malaysia gained 0.66%, IHH Healthcare jumped 1.86%, INARI fell 1.94%. IOI Corporation rose 1.15%, Kuala Lumpur Kepong gained 0.75%, Maybank fell 0.11%, Maxis fell 1.65%, Petronas Chemicals gained 0.40%, PPB Group climbed down 1.18%, Press Metal plunged 3.79%, Public Bank fell 0.87%, RHB Capital fell 0.51%, Sime Darby Plantations rose 0.19%, Telekom Malaysia lost 0.82%, Tenaga Nasional slipped 0.22%, Top Glove fell 5.23% and Dialog Group, Hartalega Holdings, Sime Darby and Hong Leong Financial were unchanged.
Wall Street’s lead is weak as the major averages opened on Thursday before finally falling permanently and ending in the red.
The Dow Jones fell 236.94 points or 0.75% to end at 31,253.13, while the NASDAQ fell 29.66 points or 0.26% to close at 11,388.50 and the S&P 500 fell. fell 22.89 points or 0.58% to end at 3,900.79.
The day’s volatility came as traders continued to debate when markets would bottom, with the S&P 500 approaching a bear market.
In economic news, the Labor Department said initial jobless claims in the United States rose unexpectedly last week, while the National Association of Realtors said sales of existing homes rose. dropped in April. Additionally, the Federal Reserve Bank of Philadelphia noted a slowdown in regional manufacturing activity.
Crude oil prices rose sharply on Thursday amid expectations of a recovery in energy demand on reports that Chinese authorities plan to ease restrictions in Shanghai. The weakness of the dollar also strongly contributed to the rise in oil prices. West Texas Intermediate crude oil futures for June ended up $2.62 or 2.4% at $112.21 a barrel.
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