The Malaysia stock market bounced higher again on Wednesday, one session after snapping the six-day winning streak in which it had gathered more than 70 points or 5.1 percent. The Kuala Lumpur Composite Index now rests just above the 1,450-point plateau although it’s likely to turn lower again on Thursday.
The global forecast for the Asian markets is mixed to lower, with technology stocks expected to fall under strong selling pressure. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The KLCI finished modestly higher on Wednesday following gains from the glove makers, telecoms and plantations, while the financials came in mixed.
For the day, the index gained 10.57 points or 0.73 percent to finish at the daily high of 1,454.98 after moving as low as 1,447.41. Volume was 2.608 billion shares worth 1.800 billion ringgit. There were 521 gainers and 354 decliners.
Among the actives, Axiata strengthened 2.55 percent, while CIMB Group sank 0.72 percent, Dialog Group soared 5.52 percent, Digi.com accelerated 3.59 percent, Genting gathered 0.92 percent, Genting Malaysia shed 0.37 percent, Hartalega Holdings skyrocketed 11.89 percent, IHH Healthcare slumped 0.83 percent, INARI advanced 0.84 percent, IOI Corporation jumped 3.32 percent, Kuala Lumpur Kepong spiked 4.38 percent, Maybank collected 0.23 percent, Maxis rallied 3.36 percent, MISC perked 0.14 percent, MRDIY skidded 1.01 percent, Petronas Chemicals lost 0.34 percent, PPB Group gained 0.60 percent, Press Metal tumbled 1.82 percent, RHB Capital added 0.71 percent, Sime Darby rose 0.45 percent, Sime Darby Plantations climbed 1.81 percent, Telekom Malaysia increased 1.10 percent, Tenaga Nasional improved 1.45 percent, Top Glove surged 5.59 percent and Public Bank and Petronas Gas were unchanged.
The lead from Wall Street is negative as the major averages opened lower on Wednesday, saw some strength midday but headed south as the day progressed.
The Dow managed a slight gain of 2.37 points or 0.01 percent to 31,839.11, while the NASDAQ plunged 228.12 points or 2.04 percent to close at 10.970.99 and the S&P 500 sank 28.51 points or 0.74 percent to end at 3,830.60.
The steep drop by the NASDAQ came amid a negative reaction to disappointing earnings news from tech giants Microsoft (MSFT) and Alphabet (GOOGL).
On the other hand, the slight uptick by the Dow came amid a strong gain by shares of Visa (V), which 4.6 percent after reporting better than expected third quarter results.
In economic news, the Commerce Department reported that new home sales in the U.S. pulled back sharply in September after unexpectedly skyrocketing in August, although the decrease was smaller than expected.
Crude oil prices climbed higher on Wednesday, buoyed by data showing a drop in gasoline stockpiles and a weak U.S. dollar. West Texas Intermediate Crude oil futures for December spiked $2.59 or 3 percent at $87.91 a barrel.
Market Analysis
Malaysia Stock Market May Hand Back Wednesday’s Gains
2022-10-26 23:30:09
