The Malaysia stock market on Thursday snapped the three-day winning streak in which it had gained more than 15 points or 1 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,550-point plateau and it may take further damage on Friday.
The global forecast for the Asian markets is negative, with selling pressure expected among the technology, transportation and tobacco stocks. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The KLCI finished modestly lower on Thursday as losses from the financial shares and telecoms were mitigated by support from the plantations.
For the day, the index slipped 5.50 points or 0.35 percent to finish at 1,549.41 after trading between 1,545.02 and 1,554.53. Volume was 2.690 billion shares worth 2.231 billion ringgit. There were 692 decliners and 272 gainers.
Among the actives, Axiata tumbled 1.86 percent, while CIMB Group slumped 0.59 percent, Digi.com, MRDIY and MISC all declined 1.16 percent, Genting surged 4.74 percent, Genting Malaysia gained 0.66 percent, IHH Healthcare jumped 1.86 percent, INARI tanked 1.94 percent, IOI Corporation advanced 1.15 percent, Kuala Lumpur Kepong added 0.75 percent, Maybank eased 0.11 percent, Maxis surrendered 1.65 percent, Petronas Chemicals perked 0.40 percent, PPB Group climbed 1.18 percent, Press Metal plunged 3.79 percent, Public Bank sank 0.87 percent, RHB Capital fell 0.51 percent, Sime Darby Plantations was up 0.19 percent, Telekom Malaysia lost 0.82 percent, Tenaga Nasional slid 0.22 percent, Top Glove plummeted 5.23 percent and Dialog Group, Hartalega Holdings, Sime Darby and Hong Leong Financial were unchanged.
The lead from Wall Street is soft as the major averages opened mixed on Thursday before finally turning lower for good and finishing in the red.
The Dow plummeted 236.94 points or 0.75 percent to finish at 31,253.13, while the NASDAQ shed 29.66 points or 0.26 percent to close at 11,388.50 and the S&P 500 sank 22.89 points or 0.58 percent to end at 3,900.79.
The volatility on the day came as traders continued to debate when the markets will reach a bottom, with the S&P 500 closing in on bear market territory.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly increased last week, while the National Association of Realtors said existing home sales slumped in April. Also, the Federal Reserve Bank of Philadelphia noted a slowdown in in regional manufacturing activity.
Crude oil prices rallied sharply on Thursday amid expectations of a pickup in energy demand on reports Chinese officials are planning to ease restrictions in Shanghai. The dollar’s weakness also contributed significantly to the rise in oil prices. West Texas Intermediate Crude oil futures for June ended higher by $2.62 or 2.4 percent at $112.21 a barrel.
Market Analysis
Malaysia Stock Market May Extend Thursday’s Losses
2022-05-19 23:30:08
