The Malaysia stock market has finished lower in five straight sessions, sinking more than 40 points or 2.9 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,525-point plateau and it’s tipped to open in the red again on Thursday.
The global forecast for the Asian markets is soft on concerns for rising inflation and slowing growth. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The KLCI finished slightly lower following losses from the glove makers, gains from the financials and mixed performances from the telecoms.
For the day, the index dipped 2.07 points or 0.14 percent to finish at the daily low of 1,523.86 after peaking at 1,532.72. Volume was 3.261 billion shares worth 1.964 billion ringgit. There were 524 decliners and 388 gainers.
Among the actives, Axiata tumbled 2.56 percent, while CIMB Group rose 0.20 percent, Dialog Group soared 3.08 percent, Digi.com dropped 0.91 percent, Genting jumped 2.50 percent, Genting Malaysia gained 0.33 percent, Hartalega Holdings plunged 4.51 percent, IHH Healthcare advanced 0.46 percent, INARI skidded 1.08 percent, Maxis retreated 1.40 percent, MISC shed 0.68 percent, MRDIY stumbled 1.23 percent, Petronas Chemicals eased 0.10 percent, PPB Group tanked 3.38 percent, Press Metal declined 1.93 percent, Public Bank rallied 1.11 percent, RHB Capital collected 0.17 percent, Sime Darby added 0.44 percent, Sime Darby Plantations spiked 2.77 percent, Telekom Malaysia sank 0.76 percent, Top Glove plummeted 5.60 percent and IOI Corporation, Kuala Lumpur Kepong, Maybank and Tenaga Nasional were unchanged.
The lead from Wall Street is negative as the major averages opened lower and spent most of the session in the red before finishing firmly in negative territory.
The Dow shed 269.24 points or 0.81 percent to finish at 32,910.90, while the NASDAQ lost 88.96 points or 0.73 percent to end at 12,086.27 and the S&P 500 sank 44.91 points or 1.08 percent to close at 4,115.77.
The weakness on Wall Street followed lower global growth forecasts by the World Bank and the Organization for Economic Cooperation and Development weighed as well.
Higher treasury yields also caused the market’s decline after they rose above the psychologically important 3 percent level, fueling concerns about inflation.
In economic news, the Commerce Department said wholesale inventories in the United States increased more than expected in April, although they were down from the previous month.
Crude oil prices climbed higher on Wednesday, buoyed by a sharp drop in gasoline inventories in the U.S. last week, and on optimism for increased demand from China. West Texas Intermediate Crude oil futures for July ended higher by $2.70 or 2.3 percent at $122.11 a barrel, hitting a three-week high.
Market Analysis
Malaysia Stock Market May Extend Losing Streak
2022-06-08 23:30:10
