Malaysia Stock Market May Snap Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, slipping more than 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,530-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is generally positive, with technology stocks likely to lead the way higher. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KLCI finished barely lower on Wednesday following mixed performances from the financial shares, telecoms and industrials, while the plantation stocks offered mild support.

For the day, the index eased 0.90 points or 0.06 percent to finish at 1,529.24 after trading between 1,523.21 and 1,532.62.

Among the actives, 99 Speed Mart Retail soared 1.80 percent, while AMMB Holdings tumbled 1.36 percent, Axiata improved 0.43 percent, CIMB Group sank 0.61 percent, Gamuda spiked 1.64 percent, IHH Healthcare shed 0.45 percent, IOI Corporation surged 2.90 percent, Kuala Lumpur Kepong was up 0.10 percent, Maxis gained 0.28 percent, MISC added 0.53 percent, Nestle Malaysia slumped 0.46 percent, Petronas Chemicals stumbled 2.65 percent, Petronas Dagangan jumped 1.58 percent, Petronas Gas perked 0.11 percent, PPB Group fell 0.20 percent, Press Metal retreated 0.96 percent, Public Bank tanked 1.84 percent, RHB Bank collected 0.16 percent, SD Guthrie rose 0.21 percent, Sunway strengthened 1.05 percent, Telekom Malaysia dropped 0.75 percent, Tenaga Nasional climbed 1.01 percent, YTL Corporation rallied 1.63 percent, YTL Power advanced 0.96 percent and Maybank, MRDIY, QL Resources, Sime Darby and Celcomdigi were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and remained in the green throughout the session, ending with modest gains.

The Dow jumped 217.54 points or 0.49 percent to finish at 44,458.30, while the NASDAQ rallied 192.88 points or 0.94 percent to end at 20,611.34 and the S&P 500 added 37.74 points or 0.61 percent to close at 6,263.26.

The strength on Wall Street reflected optimism about a potential trade deal between the U.S. and the European Union.

Nvidia (NVDA) helped lead the markets higher, with the AI darling jumping by 1.8 percent and briefly becoming the first company to reach a market capitalization of $4 trillion.

Meanwhile, the Federal Reserve released the minutes of its June monetary policy meeting, which revealed most participants generally agree the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates.

Crude oil price inched higher on Wednesday, as Saudi projections for increased demand were offset by a jump in U.S. oil inventories. West Texas Intermediate crude for August delivery ticked higher by $0.05 to settle at $68.38 per barrel.

Closer to home, Malaysia will see May figures for unemployment later today; in April, the jobless rate was 3.0 percent.