The Malaysia stock market has moved lower in back-to-back trading says, slipping more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,590-point plateau although it may find traction on Friday.
The global forecast for the Asian markets is mixed to higher with projected upbeat earnings news offset by sinking crude oil prices. The European markets were down and the U.S. bourses mostly higher and the Asian markets figure to follow the latter lead.
The KLCI finished modestly lower on Thursday as losses from the financials and glove makers were mitigated by support from the plantation stocks.
For the day, the index dropped 14.70 points or 0.92 percent to finish at 1,591.62 after trading between 1,590.34 and 1,608.92. Volume was 3.856 billion shares worth 3.476 billion ringgit. There were 753 decliners and 349 gainers.
Among the actives, Axiata and Hap Seng both plunged 3.41 percent, while CIMB Group retreated 1.48 percent, Dialog Group tumbled 1.68 percent, Digi.com skidded 1.14 percent, Genting surrendered 1.25 percent, Genting Malaysia shed 0.76 percent, Hartalega Holdings was down 0.32 percent, IOI Corporation climbed 1.25 percent, Kuala Lumpur Kepong gained 0.17 percent, Maybank declined 1.32 percent, Maxis sank 1.03 percent, MISC slid 0.42 percent, MRDIY jumped 1.37 percent, Petronas Chemicals rose 0.11 percent, PPB Group weakened 0.65 percent, Press Metal tanked 1.83 percent, Public Bank dropped 0.94 percent, RHB Capital lost 0.52 percent, Sime Darby fell 0.43 percent, Sime Darby Plantations added 0.47 percent, Telekom Malaysia dipped 0.34 percent, Tenaga Nasional eased 0.10 percent, Top Glove plummeted 4.55 percent and IHH Healthcare was unchanged.
The lead from Wall Street again is mixed as the major averages opened slightly lower on Thursday. The S&P 500 and the NASDAQ quickly climbed into the green and finished that way, but the Dow remained slightly mired in negative territory all day.
The Dow eased 6.26 points or 0.02 percent to finish at 35,603.08, while the NASDAQ jumped 94.02 points or 0.62 percent to close at 15,215.70 and the S&P 500 rose 13.59 points or 0.30 percent to end at 4,549.78.
The continued strength on Wall Street came the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly edged lower last week. Also, the National Association of Realtors said existing home sales rebounded more than expected in September.
Upbeat earnings news also contributed to the continued advance, thanks to the likes of Tesla (TSLA) and HP Inc. (HPQ). Meanwhile, a steep drop by shares of IBM Corp. (IBM) weighed on the Dow, with the tech giant plunging by 9.6 percent after reporting weaker than expected Q3 revenues.
Crude oil prices tumbled on Thursday, weighed down by a forecast that U.S. weather this winter will likely be warmer than average. Profit taking after recent strong gains and lower coal and natural gas prices also contributed to oil’s decrease. West Texas Intermediate Crude oil futures for December ended down by $0.92 or 1.1 percent at $82.50 a barrel.
Market Analysis
Malaysia Stock Market May Halt Losing Streak On Friday
2021-10-21 23:30:06
