The Malaysia stock market on Wednesday halted the modest two-day winning streak in which it had picked up more than 5 points or 0.3 percent. The Kuala Lumpur Composite Index now sits just above the 1,440-point plateau although it’s expected to rebound on Thursday.
The global forecast for the Asian markets is upbeat, with technology stocks expected to fuel the rally. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.
The KLCI finished modestly lower on Wednesday following losses from the financial shares, plantation stocks and telecoms.
For the day, the index sank 11.42 points or 0.79 percent to finish at 1,440.11 after trading between 1,439.13 and 1,451.72.
Among the actives, Axiata dipped 0.38 percent, while Celcomdigi fell 0.69 percent, Dialog Group rose 0.47 percent, Genting dropped 1.13 percent, Genting Malaysia advanced 0.78 percent, IHH Healthcare tumbled 1.33 percent, IOI Corporation plunged 1.98 percent, Kuala Lumpur Kepong retreated 1.23 percent, Maxis and Press Metal both slumped 1.22 percent, Maybank was down 0.22 percent, MISC eased 0.14 percent, MRDIY declined 1.29 percent, Petronas Chemicals plummeted 3.00 percent, PPB Group and RHB Capital both sank 0.88 percent, Public Bank skidded 1.21 percent, Sime Darby slid 0.47 percent, Sime Darby Plantations tanked 1.59 percent, Telekom Malaysia lost 0.70 percent, Tenaga Nasional shed 0.79 percent, Westports Holdings added 0.58 percent and CIMB Group and Hong Leong Bank were unchanged.
The lead from Wall Street is positive as the major averages opened higher and accelerated as the day progressed, ending near session highs.
The Dow gained 184.15 points or 0.54 percent to finish at 34,472.98, while the NASDAQ spiked 215.16 points or 1.59 percent to end at 13,721.03 and the S&P 500 added 48.46 points or 1.10 percent to close at 4,436.01.
The spike by the Nasdaq came as tech stocks rallied ahead of earnings news from Nvidia (NVDA), and the chipmaker released strong fiscal second quarter results after the close of trading.
A steep drop by bond yields also generated some buying interest, as the 10-year yield pulled back further off highest levels in well over 15 years.
In economic news, S&P noted a slowdown in the pace service sector activity and a contraction in manufacturing activity in August. Also, the Commerce Department said new home sales rebounded much more than expected in July.
Crude oil futures settled lower Wednesday amid concerns about the outlook for oil demand after data showed a decline in global manufacturing activity. West Texas Intermediate Crude oil futures for October ended lower by $0.75 or 0.9 percent at $78.89 a barrel.
Market Analysis
Malaysia Stock Market Tipped To Open In The Green
2023-08-23 23:30:55
