Malaysia Stock Market Tipped To Extend Losing Streak

The Malaysia stock market has finished lower in three straight sessions, slipping almost 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,585-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is soft on fading hopes for peace talks between Russia and Ukraine. The European markets were mixed and the U.S. bourses were down and the Asian markets are expected to split the difference.

The KLCI finished barely lower on Wednesday as losses from the plantations and telecoms were mitigated by support from the glove makers and financials.

For the day, the index eased 0.20 points or 0.01 percent to finish at 1,583.22 after trading between 1,580.88 and 1,591.40. Volume was 3.401 billion shares worth 2.160 billion ringgit. There were 521 gainers and 430 decliners.

Among the actives, Axiata advanced 0.80 percent, while CIMB Group rose 0.19 percent, Digi.com retreated 1.02 percent, Genting climbed 0.86 percent, Genting Malaysia jumped 1.02 percent, Hartalega Holdings spiked 1.27 percent, IHH Healthcare declined 1.44 percent, INARI soared 1.63 percent, Kuala Lumpur Kepong eased 0.08 percent, Maybank lost 0.22 percent, Maxis stumbled 0.75 percent, MISC sank 0.27 percent, Petronas Chemicals fell 0.21 percent, PPB Group rallied 0.95 percent, Press Metal perked 0.32 percent, Public Bank collected 0.43 percent, RHB Capital was up 0.17 percent, Sime Darby added 0.42 percent, Sime Darby Plantations dipped 0.20 percent, Telekom Malaysia skidded 0.63 percent, Tenaga Nasional tumbled 1.95 percent, Top Glove surged 3.78 percent and MRDIY, Dialog Group, IOI Corporation and Hong Leong Bank were unchanged.

The lead from Wall Street is negative as the major averages opened lower on Wednesday and largely spent the entire day in the red.

The Dow shed 65.38 points or 0.19 percent to finish at 35,228.81, while the NASDAQ tumbled 177.36 points or 1.21 percent to end at 14,442.27 and the S&P 500 lost 29.15 points or 0.63 percent to close at 4,602.45.

The major U.S. averages ended lower Wednesday on news that Russia has continued to shell certain areas of Ukraine despite having promised to scale down military operations on Tuesday.

Rising worries about inflation and imminent aggressive monetary tightening by the Federal Reserve also weighed on sentiment.

In economic news, payroll processor ADP said private sector employment in the U.S. climbed more than expected in March. Also, the Commerce Department said the U.S. economy grew slightly less than estimated in Q4 2021.

Crude oil prices climbed higher Wednesday after data showed a drop in U.S. inventories last week, and amid a lack of progress in Russia-Ukraine peace talks. West Texas Intermediate Crude oil futures for May ended higher by $3.58 or 3.4 percent at $107.82 a barrel.