The Malaysia stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had gathered almost 20 points or 1.2 percent. The Kuala Lumpur Composite Index now rests just above the 1,585-point plateau although it’s expected to open higher again on Thursday.
The global forecast for the Asian markets is mixed to higher thanks mainly to bargain hunting after heavy selling in the region. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The KLCI finished modestly lower on Wednesday following losses from the plantations and glove makers, while the financials and telecoms were mixed.
For the day, the index shed 10.70 points or 0.67 percent to finish at 1,585.98 after trading between 1,585.17 and 1,593.34. Volume was 2.213 billion shares worth 1.896 billion ringgit. There were 645 decliners and 300 gainers.
Among the actives, Axiata shed 0.86 percent, while CIMB Group lost 0.77 percent, Dialog Group surrendered 1.95 percent, Digi.com rose 0.26 percent, Genting sank 0.88 percent, Genting Malaysia skidded 1.34 percent, Hartalega Holdings tumbled 2.19 percent, IHH Healthcare dropped 1.20 percent, INARI fell 0.72 percent, IOI Corporation declined 1.92 percent, Kuala Lumpur Kepong slid 0.41 percent, Maybank collected 0.34 percent, MISC eased 0.13 percent, Petronas Chemicals plummeted 2.94 percent, Press Metal plunged 2.49 percent, Public Bank was down 0.21 percent, RHB Capital dipped 0.33 percent, Sime Darby retreated 1.69 percent, Sime Darby Plantations stumbled 0.95 percent, Telekom Malaysia jumped 1.40 percent, Top Glove tanked 2.31 percent and MRDIY, Maxis, PPB Group and Tenaga Nasional were unchanged.
The lead from Wall Street ends up mixed and flat after the major averages shook off early support on Wednesday, fading late and ending on opposite sides of the unchanged line.
The Dow added 61.75 points or 0.19 percent to finish at 33,301.93, while the NASDAQ eased 1.81 points or 0.01 percent to close at 12,488.93 and the S&P 500 rose 8.76 points or 0.21 percent to end at 4,183.96.
The markets had opened higher on bargain hunting and earnings optimism but gave back most of those gains as the day progressed on worries over a Covid-fueled economic slowdown and the outlook for interest rates.
In economic news, the National Association of Realtors said that pending home sales fell for the fifth straight month in March, although the decline was less than expected.
Crude oil prices climbed higher on Wednesday, lifted by data showing a drop in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures for rose $0.32 or 0.3 percent at $102.02 a barrel.
Market Analysis
Malaysia Stock Market Likely To Remain Rangebound
2022-04-27 23:32:16
