The Malaysia stock market has finished lower in six straight sessions, sinking more than 55 points or 3.8 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,510-point plateau and it’s tipped to open in the red again on Friday.
The global forecast for the Asian markets is soft on concerns for inflation and economic growth. The European and U.S. markets were firmly lower and the Asian bourses are tipped to open in similar fashion.
The KLCI finished modestly lower on Thursday following losses from the plantations and telecom stocks, while the financials and glove makers were mixed.
For the day, the index sank 14.15 points or 0.93 percent to finish at 1,509.71 after trading between 1,508.00 and 1,526.83. Volume was 2.885 billion shares worth 2.060 billion ringgit. There were 601 decliners and 315 gainers.
Among the actives, Axiata slid 0.99 percent, while Dialog Group plummeted 4.70 percent, Digi.com shed 1.22 percent, Genting cratered 2.62 percent, Genting Malaysia tanked 2.62 percent, Hartalega Holdings skidded 1.57 percent, IHH Healthcare declined 1.99 percent, IOI Corporation retreated 1.90 percent, Kuala Lumpur Kepong dropped 1.26 percent, Maybank dipped 0.45 percent, Maxis plunged 2.84 percent, MISC stumbled 1.64 percent, MRDIY advanced 0.93 percent, Petronas Chemicals surrendered 2.13 percent, PPB Group fell 1.00 percent, Press Metal lost 1.18 percent, RHB Capital slipped 0.67 percent, Sime Darby was down 0.44 percent, Sime Darby Plantations tumbled 2.48 percent, Telekom Malaysia slumped 1.73 percent, Tenaga Nasional sank 1.24 percent, Top Glove surged 3.39 percent and Public Bank, CIMB Group, INARI and Hong Leong Bank were unchanged.
The lead from Wall Street broadly negative as the major averages opened slightly lower on Thursday but the losses accelerated sharply in the final hour of trade, sending them deep into the red at the finish.
The Dow plunged 638.11 points or 1.94 percent to finish at 32,272.79, while the NASDAQ plummeted 332.04 points or 2.75 percent to end at 11,754.23 and the S&P 500 sank 97.95 points or 2.38 percent to close at 4,017.82.
The sell-off on Wall Street came as traders looked ahead to the release of a Labor Department report on consumer price inflation later today. The report is expected to show that consumer prices increased by 0.7 percent in May after rising by 0.3 percent in April.
The inflation data could have an impact on the outlook for monetary policy ahead of the Federal Reserve’s decision on interest rates next Wednesday.
On the economic front, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rose by more than expected in the week ended June 4th.
Crude oil prices drifted lower on Thursday as demand concerns resurfaced following authorities in Shanghai imposing new Covid-related restrictions. West Texas Intermediate Crude oil futures for July ended down by $0.60 or 0.5 percent at $121.51 a barrel.
Market Analysis
Malaysia Stock Market Expected To Extend Losing Streak
2022-06-09 23:30:15
