Malaysia Stock Market Tipped To Open Under Pressure On Thursday

The Malaysia stock market on Wednesday snapped the two-day losing streak in which it had eased more than 5 points or 0.3 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,600-point plateau although it figures to turn lower again on Thursday.

The global forecast for the Asian markets is soft, with technology stocks and financials in particular likely targeted for profit taking. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The KLCI finished modestly higher on Wednesday following gains from the financials and glove makers, weakness from the plantations and a mixed picture from the telecoms.

For the day, the index gained 12.07 points or 0.76 percent to finish at 1,597.88 after trading between 1,588.78 and 1,601.83.

Among the actives, Axiata skidded 0.79 percent, while CIMB Group climbed 1.32 percent, Dialog Group rallied 1.46 percent, Digi.com declined 1.00 percent, Genting improved 1.11 percent, Hartalega Holdings added 1.05 percent, IHH Healthcare rose 0.46 percent, INARI surged 3.56 percent, IOI Corporation and Petronas Gas both slumped 0.48 percent, Kuala Lumpur Kepong sank 0.78 percent, Maybank advanced 1.25 percent, MISC gained 0.55 percent, MRDIY gathered 0.28 percent, Petronas Chemicals perked 0.10 percent, PPB Group dipped 0.12 percent, Press Metal accelerated 2.50 percent, Public Bank collected 0.65 percent, RHB Capital jumped 1.52 percent, Sime Darby soared 3.51 percent, Sime Darby Plantations lost 0.39 percent, Telekom Malaysia spiked 2.70 percent, Tenaga Nasional was up 0.11 percent, Top Glove strengthened 2.15 percent and Genting Malaysia and Maxis were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Wednesday and remained that way largely throughout the session.

The Dow tumbled 448.96 points or 1.29 percent to finish at 34,358.50, while the NASDAQ dropped 186.21 points or 1.32 percent to close at 13,922.60 and the S&P 500 sank 55.37 points or 1.23 percent to end at 4,456.24.

Lingering concerns about the ongoing war in Ukraine have contributed to the pullback on Wall Street along with a spike by the price of crude oil. U.S. President Joe Biden is expected to impose further sanctions on Russia during his trip to Europe this week.

Traders also were cashing in on recent strength in the markets, as stocks moved notably higher in five out of the six previous sessions, although they may be wary of continuing to buy stocks amid worries about the Russia-Ukraine crisis, inflation and higher interest rates.

Crude oil futures settled at over two-week highs on Wednesday, lifted by data showing a drop in U.S. crude inventories and worries about supply disruptions due to the ongoing Russian invasion of Ukraine. West Texas Intermediate Crude oil futures for May ended higher by $5.66 or 5.2 percent at $114.93 a barrel.

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