Malaysian stock market: resistance expected at 1,600 points

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(RTTNews) – The Malaysian stock market has risen in consecutive sessions, reaping more than 15 points or 1% along the way. The Kuala Lumpur Composite Index is now just below the 1,600-point plateau, although it could spin its wheels on Friday.

The global forecast for Asian markets suggests a consolidation of growing concerns over the outlook for interest rates. European markets were mixed and US stocks were down sharply and Asian markets should follow the latter lead.

The KLCI ended slightly higher on Thursday after gains in financials and mixed performance in plantations and telecoms.

For the day, the index rose 4.57 points or 0.29% to end at 1,598.32 after trading between 1,594.13 and 1,599.91. The volume was 2.846 billion shares worth 2.033 billion ringgit. There were 518 winners and 445 decliners.

Among assets, Axiata fell 2.98%, while CIMB Group climbed 1.57%, Dialog Group fell 1.12%, Digi.com fell 0.26%, Genting Malaysia and RHB Capital both rose 0.68%, Hartalega Holdings fell 1.51%, IHH Healthcare rose 0.31%. , INARI gained 0.34%, IOI Corporation jumped 1.39%, Kuala Lumpur Kepong jumped 0.93%, Maybank climbed 0.91%, Maxis rose 0.26%, MISC increased rose 0.13%, Petronas Chemicals rose 0.78%, PPB Group gained 0.59%, Press Metal rallied 0.61%, Public Bank collected 0.43%, Sime Darby stumbled 1.24%, Sime Darby Plantations fell 1.69%, Telekom Malaysia jumped 2.69%, Tenaga Nasional fell 0.11% and Top Glove, Genting and MRDIY remained unchanged.

Wall Street’s lead is negative as major averages failed to sustain early gains on Thursday, accelerating into the red as the day progressed.

The Dow Jones fell 368.03 points or 1.05% to end at 34,792.76, while the NASDAQ fell 278.41 points or 2.07% to close at 13,174.41 and the S&P 500 fell 65.79 points or 1.48% to end at 4,393.66.

Wall Street’s sharp pullback came as Treasury yields showed a noticeable move back up after falling on Wednesday. The yield on the benchmark ten-year note more than offset yesterday’s decline, reaching its highest closing level since December 2018.

Worries over the interest rate outlook helped Treasury yields rebound after Federal Reserve Chairman Jerome Powell told the International Monetary Fund that it would be appropriate to raise rates “a little faster and predicted a 50 basis point rate hike would be on the table at the Fed’s May meeting.

Early in the session, stocks benefited from upbeat earnings news from Tesla (TSLA), American Airlines (AAL) and United Airlines (UAL).

In economic news, the Labor Department noted a slight drop in first jobless claims in the United States last week. Additionally, the Federal Reserve Bank of Philadelphia said growth in manufacturing activity in the Philadelphia area slowed more than expected in April.

Crude oil prices rose on Thursday, extending gains from the previous session amid concerns over global crude supply and strong demand in the United States. West Texas Intermediate crude oil futures for June ended up $1.60 or 1.6% at $103.79 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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