Malaysian stock market set to extend losing streak

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(RTTNews) – The Malaysian stock market ended lower in six consecutive sessions, losing more than 55 points or 3.8% along the way. The Kuala Lumpur Composite Index is now just below the 1,510 plateau and is expected to open in the red again on Friday.

The global forecast for Asian markets is weak due to concerns over inflation and economic growth. European and US markets were firmly down and Asian exchanges are expected to open similarly.

KLCI ended slightly lower on Thursday after losses in plantation and telecom stocks, while financial stocks and glove makers were mixed.

For the day, the index fell 14.15 points or 0.93% to end at 1,509.71 after trading between 1,508.00 and 1,526.83. The volume was 2.885 billion shares worth 2.060 billion ringgit. There were 601 refusals and 315 winners.

Among assets, Axiata fell 0.99%, while Dialog Group fell 4.70%, Digi.com lost 1.22%, Genting cratered 2.62%, Genting Malaysia fell 2 .62%, Hartalega Holdings slipped 1.57%, IHH Healthcare fell 1.99%, IOI Corporation fell 1.90%. percent, Kuala Lumpur Kepong fell 1.26 percent, Maybank fell 0.45 percent, Maxis plunged 2.84 percent, MISC stumbled 1.64 percent, MRDIY advanced 0 .93 percent, Petronas Chemicals fell 2.13 percent, PPB Group fell 1.00 percent, Press Metal lost 1.18 percent, RHB Capital slipped 0.67 percent, Sime Darby fell 0.44%, Sime Darby Plantations fell 2.48%, Telekom Malaysia fell 1.73%, Tenaga Nasional fell 1.24%, Top Glove jumped 3.39% and Public Bank, CIMB Group, INARI and Hong Leong Bank remained unchanged.

Wall Street’s advance is broadly negative as major averages opened slightly lower on Thursday, but losses accelerated sharply in the final hour of trading, sending them deep into the red on the finish.

The Dow Jones plunged 638.11 points or 1.94% to end at 32,272.79, while the NASDAQ fell 332.04 points or 2.75% to end at 11,754.23 and the S&P 500 fell 97.95 points or 2.38% to close at 4,017.82.

The selloff on Wall Street came as traders eagerly awaited the release of a Labor Department report on consumer price inflation later in the day. The report is expected to show consumer prices rose 0.7% in May after rising 0.3% in April.

Inflation data could impact the outlook for monetary policy ahead of the Federal Reserve’s interest rate decision next Wednesday.

On the economic front, a report released by the Labor Department showed that initial jobless claims in the United States rose more than expected in the week ended June 4.

Crude oil prices fell on Thursday as demand concerns resurfaced after authorities in Shanghai imposed new Covid-related restrictions. West Texas Intermediate crude oil futures for July ended down $0.60 or 0.5% at $121.51 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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