The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day winning streak in which it had gathered more than 10 points or 0.6 percent. The Kuala Composite Index now rests just above the 1,605-point plateau and it figures to see renewed selling pressure again on Friday.
The global forecast for the Asian markets is soft on concerns over tax rates in the United States. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The KLCI finished modestly higher on Thursday following gains from the plantations and glove makers, while the financials and telecoms were mixed.
For the day, the index gained 11.15 points or 0.70 percent to finish at 1,607.73 after trading between 1,598.19 and 1,609.10. Volume was 7.900 billion shares worth 4.984 billion ringgit. There were 545 gainers and 534 decliners.
Among the actives, Axiata sank 0.79 percent, while CIMB Group advanced 0.47 percent, Digi.com perked 0.71 percent, Genting climbed 0.81 percent, Hartalega Holdings and Supermax both surged 4.15 percent, IHH Healthcare spiked 2.80 percent, IOI Corporation and Petronas Gas both gathered 0.75 percent, Kuala Lumpur Kepong rallied 1.30 percent, Maybank fell 0.24 percent, Maxis and Sime Darby both added 0.43 percent, MISC was up 0.15 percent, Petronas Chemicals accelerated 1.54 percent, PPB Group jumped 0.86 percent, Press Metal lost 0.76 percent, Public Bank collected 0.48 percent, RHB Capital rose 0.19 percent, Telekom Malaysia tumbled 0.86 percent, Tenaga Nasional gained 0.20 percent, Top Glove soared 3.12 percent and Genting Malaysia, Dialog Group and Sime Darby Plantations were unchanged.
The lead from Wall Street is broadly negative as the major averages showed little movement early on Thursday but headed due south in the afternoon to finish firmly in the red.
The Dow tumbled 321.41 points or 0.94 percent to finish at 33,815.90, while the NASDAQ skidded 131.81 points or 0.94 percent to end at 13,818.41 and the S&P 500 sank 38.44 points or 0.92 percent to close at 4,134.98.
The afternoon sell-off came following reports that President Joe Biden plans to propose nearly doubling the capital gains tax rate for wealthy individuals to fund spending on childcare and education.
Earlier in the day, traders saw a Labor Department report unexpectedly show a continued decline in initial jobless claims last week. Also, the National Association of Realtors noted another steep drop in U.S. existing home sales in March.
Crude oil futures rebounded from early losses to settle slightly higher on Thursday, gaining for the first time in three sessions as worries about the energy demand outlook weighed on oil prices early in the day. West Texas Intermediate Crude oil futures for June ended up by $0.08 or 0.1 percent at $61.43 a barrel.
Market Analysis
Malaysia Bourse Tipped To Hand Back Support At 1,600 Points
2021-04-22 23:30:07
