Malaysia Stock Market Due For Support On Friday

RTTNews | 734 days ago
Malaysia Stock Market Due For Support On Friday

(RTTNews) - The Malaysia stock market has finished lower in four straight sessions, sinking more than 25 points or 1.8 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,400-point plateau although it may find traction on Friday.

The global forecast is murky, with support from technology stocks likely offset by concern over the ongoing U.S. debt ceiling situation. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Thursday following losses from the plantations and mixed performances from the financial shares and telecoms.

For the day, the index shed 7.14 points or 0.51 percent to finish at the daily low of 1,402.48 after peaking at 1,411.42.

Among the actives, Axiata skidded 1.00 percent, while CIMB Group fell 0.40 percent, Dialog Group tanked 2.78 percent, Celcomdigi improved 0.90 percent, Genting slumped 1.37 percent, Genting Malaysia slid 0.38 percent, INARI gained 0.44 percent, IOI Corporation retreated 1.76 percent, Kuala Lumpur Kepong plummeted 3.37 percent, Maxis advanced 0.96 percent, MISC dropped 0.96 percent, MRDIY jumped 1.25 percent, Petronas Chemicals rose 0.29 percent, PPB Group shed 0.50 percent, Press Metal lost 0.43 percent, Public Bank sank 0.77 percent, Sime Darby tumbled 1.90 percent, Sime Darby Plantations plunged 2.95 percent, Telekom Malaysia declined 1.77 percent, Tenaga Nasional added 0.63 percent and RHB Capital, Maybank, IHH Healthcare and Nestle Malaysia were unchanged.

The lead from Wall Street is inconsistent as the major averages opened mixed on Thursday and finished the same way.

The Dow shed 35.27 points or 0.11 percent to finish at 32,764.65, while the NASDAQ surged 213.93 points or 1.71 percent to end at 12,698.09 and the S&P 500 gained 36/04 points or 0.88 percent to close at 4,151.28.

The rebound on Wall Street reflected strong earnings news from Nvidia (NVDA), which reported better than expected results and forecasting Q2 revenue well above estimates - resulting in a surge by the Philadelphia Semiconductor Index.

Traders also kept an eye on any developments in the U.S. debt ceiling negotiations amid lingering concerns about a potential default. Reflecting the default concerns, Fitch Ratings placed the United States "AAA" credit on "rating watch negative," signaling downside risks to U.S. creditworthiness.

In economic news, a revision from the Commerce Department showed economic growth in the U.S. slowed less than estimated in the first quarter of 2023. Also, the Labor Department showed a modest increase in first-time claims for U.S. unemployment benefits last week.

Crude oil prices fell sharply Thursday, snapping a three-day winning streak, after Russia's Deputy Prime Minister said Russia won't agree on any additional cut in crude production. West Texas Intermediate Crude oil futures for July ended down $2.51 or 3.4 percent at $71.83 a barrel.

Closer to home, Malaysia will release April data for consumer prices later today, with inflation expected to rise 3.3 percent on year, easing from 3.4 percent in March.

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