Further consolidation expected for the Malaysian stock market
(RTTNews) – The Malaysian stock market has finished higher on two of the three trading days since ending an eight-day losing streak in which it lost more than 100 points or 6.9%. The Kuala Lumpur Composite Index is now just above the 1,470-point plateau, although it is expected to head south again on Friday.
Global forecasts for Asian markets suggest further consolidation amid global recession fears. European and American markets ended with heavy losses and the Asian stock market should also open in the red.
KLCI ended slightly higher on Thursday after gains in financials and telecoms, while plantings were mixed and glovers down.
For the day, the index advanced 13.72 points or 0.94% to end at 1,472.77 after trading between 1,461.94 and 1,476.02. The volume was 2.476 billion shares worth 1.840 billion ringgit. There were 556 rejections and 392 winners.
Among assets, Axiata strengthened 1.09%, while CIMB Group rose 1.21%, Dialog Group fell 1.89%, Digi.com rose 0.93%, Genting fell 1. .07%, Hartalega Holdings fell 4.03%, IHH Healthcare climbed 2.42%, INARI climbed 1.53%. , IOI Corporation slipped 1.23%, Kuala Lumpur Kepong rose 0.17%, Maybank reaped 1.04%, Maxis rose 1.23%, MISC jumped 2.68%, MRDIY gained fell 1.65%, Petronas Chemicals gained 1.05%, PPB Group gained 0.38%, Press Metal accelerated 1.86%, Public Bank rose 1.56%, RHB Capital jumped 1 .74%, Sime Darby gained 0.94%, Sime Darby Plantations fell 1.30%, Telekom Malaysia climbed 2.61%, Top Glove plunged 3.47% and Genting Malaysia and Tenaga Nasional are remained unchanged.
Wall Street’s advance is broadly negative as major averages opened sharply lower on Thursday and remained deep in the red throughout the day, ending near session lows.
The Dow Jones fell 741.46 points or 2.42% to end at 29,927.07, while the NASDAQ plunged 453.06 points or 4.08% to close at 10,646.10 and the S&P 500 fell 123.22 points or 3.25% to end at 3,666.77.
The sell-off on Wall Street reflected fears that aggressive monetary policy by central banks around the world could trigger a global recession.
Following the widely expected 75 basis point interest rate hike from the Federal Reserve on Wednesday, central banks in Switzerland, England and Taiwan, among others, also moved to hike rates.
In economic news, the Labor Department noted a slight decrease in first jobless claims in the United States last week. Additionally, the Commerce Department said new residential construction in the United States plunged more than expected in May.
Oil futures stabilized higher on Thursday after prices rebounded as tight supply levels outweighed worries about the outlook for energy demand. West Texas Intermediate crude oil futures for July ended up $2.27 or 2% at $117.58 a barrel.
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