The Malaysia stock market on Thursday snapped the two-day winning streak in which it had advanced almost 15 points or 1 percent. The Kuala Lumpur Composite Index now rests just above the 1,500-point plateau although it’s likely to rebound on Friday.
The global forecast for the Asian markets is upbeat amid bargain hunting from technology stocks, capped by stalled crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished slightly lower on Thursday following weakness from the plantations, gains from the glove makers and a mixed picture from the financials.
For the day, the index dipped 2.47 points or 0.16 percent to finish at 1,501.97 after trading between 1,497.18 and 1,505.29. Volume was 3.331 billion shares worth 2.268 billion ringgit. There were 576 decliners and 383 gainers.
Among the actives, Axiata retreated 0.79 percent, while CIMB Group collected 0.44 percent, Dialog Group sank 0.39 percent, Digi.com added 0.70 percent, Genting Malaysia tanked 1.08 percent, Hartalega Holdings spiked 1.59 percent, IHH Healthcare was up 0.17 percent, Kuala Lumpur Kepong plummeted 2.35 percent, Maybank, Petronas Chemicals and Public Bank all lost 0.25 percent, Maxis advanced 0.93 percent, MRDIY rose 0.26 percent, Press Metal skidded 0.80 percent, Sime Darby tumbled 0.94 percent, Sime Darby Plantations shed 0.29 percent, Telekom Malaysia fell 0.17 percent, Tenaga Nasional dropped 0.31 percent, Top Glove gained 0.53 percent and Genting, PPB Group, RHB Capital, IOI Corporation and MISC were unchanged.
The lead from Wall Street suggests mild upside as the major averages opened lower on Thursday but gradually broke into positive territory as the day progressed, ending in the green.
The Dow rose 14.48 points or 0.04 percent to finish at 35,499.85, while the NASDAQ added 51.13 points or 0.35 percent to close at 14,816.26 and the S&P 500 gained 13,13 points or 0.30 percent to end at 4,460.83.
The choppy trading on Wall Street comes as traders digest separate reports from the Labor Department on weekly jobless claims and producer price inflation.
The Labor Department said initial jobless claims edged down to 375,000 last week, a decrease of 12,000 from the previous week’s revised level of 387,000. Also, the Labor Department said its producer price index for final demand surged 1.0 percent in July, matching the jump in June.
Crude oil prices drifted lower Thursday on concerns about outlook for energy demand after an International Energy Agency report said oil demand growth will likely ebb in the second half of the year. West Texas Intermediate Crude oil futures for September ended down by $0.16 or 0.2 percent at $69.09 a barrel.
Market Analysis
Malaysia Stock Market Tipped To Find Renewed Support
2021-08-12 23:30:08
