Malaysian stock market could find traction on Thursday


(RTTNews) – The Malaysian stock market has fallen in two consecutive sessions, losing nearly 5 points or 0.3% along the way. The Kuala Lumpur Composite Index now sits just above the 1,520 point plateau, although it is close to finding support on Thursday.

Global forecasts for Asian markets are stable to higher due to easing concerns about Treasury yields and a rebound in tech stocks. European markets were mixed and US stock markets were mostly higher and Asian markets should follow suit.

The KLCI finished just lower on Wednesday following financial losses, gains by glove makers and a mixed picture for plantations.

For the day, the index fell 0.61 points or 0.04% to end at 1,522.27 after trading between 1,521.12 and 1,525.98. The volume was 3.037 billion shares worth 2.093 billion ringgits. There were 506 declining and 402 winning.

Among assets, Axiata grew 0.76%, Dialog Group plunged 2.22%, Genting fell 0.81%, Genting Malaysia slipped 0.65%, Hartalega Holdings jumped 0.79 %, IHH Healthcare fell 0.15%, IOI Corporation rose 0.27%, Kuala Lumpur Kepong jumped 2.67 percent, Maybank fell 0.49 percent, Maxis climbed 1, 32 percent, MRDIY rose 0.28 percent, Petronas Chemicals gained 0.36 percent, PPB Group rose 1.29 percent, Press Metal fell 0.88 percent, RHB Capital fell 0.38 percent, Sime Darby advanced 0.45 percent, Sime Darby Plantations lost 0.26%, Telekom Malaysia lost 0.18%, Tenaga Nasional fell 0.63%, Top Glove added 0.44% and Public Bank, CIMB Group, and MISC remained unchanged.

Wall Street’s lead is cautiously bullish as the major averages opened sharply lower on Wednesday, but recovered as the day wore on, with the NASDAQ and S&P 500 managing to finish higher while the Dow edged down. barely finished in the red.

The Dow Jones lost 9.42 points or 0.03% to close at 35,804.38, while the NASDAQ jumped 70.09 points or 0.44% to close at 15,845.23 and the S&P 500 a increased 10.76 points or 0.23% to end at 4,701.46.

Wall Street’s initial weakness came against a backdrop of continuously rising US Treasury yields, with the ten-year benchmark bond yield hitting its highest intraday level in six months. Yields did show a notable drop over the trading day, however, contributing to Wall Street’s rebound.

A Department of Labor report last week showing the first jobless claims in the United States slipped to their lowest level in more than fifty years helped push up yields.

In addition, the Commerce Department noted an unexpected drop in durable goods orders but an increase in new home sales in October, while personal income and spending both increased more than expected during the month.

Crude oil futures stabilized slightly lower on Wednesday after data showed a modest increase in US crude inventories last week. West Texas Intermediate crude oil futures ended down $ 0.11 or 0.14% at $ 78.39 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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