Malaysia Shares May Tick Higher On Thursday

RTTNews | 609 days ago
Malaysia Shares May Tick Higher On Thursday

(RTTNews) - The Malaysia stock market has moved lower in consecutive trading days, slipping more than 7 points or 0.5 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,455-point plateau although it may find mild support on Thursday.

The global forecast for the Asian markets is rudderless amidst a lack of catalysts. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.

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

For the day, the index lost 5.77 points or 0.39 percent to finish at 1,457.60 after trading between 1,454.46 and 1,462.01.

Among the actives, Celcomdigi dropped 0.46 percent, while CIMB Group slumped 0.69 percent, Genting retreated 0.94 percent, Genting Malaysia sank 0.40 percent, IHH Healthcare declined 0.83 percent, Kuala Lumpur Kepong eased 0.18 percent, Maxis gained 0.49 percent, Maybank lost 0.33 percent, MISC slid 0.27 percent, MRDIY skidded 0.63 percent, Petronas Chemicals improved 0.41 percent, PPB Group tumbled 2.26 percent, Press Metal was down 0.20 percent, Public Bank stumbled 0.71 percent, RHB Capital shed 0.35 percent, Sime Darby jumped 1.72 percent, Sime Darby Plantations rose 0.23 percent, Telekom Malaysia surrendered 1.32 percent, Tenaga Nasional fell 0.30 percent, Westports Holdings added 0.60 percent and Axiata, IOI Corporation, Dialog Group and QL Resources were unchanged.

The lead from Wall Street offers little clarity as the major averages opened higher, quickly dipped into the red and finished mixed and little changed.

The Dow shed 40.33 points or 0.12 percent to finish at 34,112.27, while the NASDAQ rose 10.56 points or 0.08 percent to close at 13,650.41 and the S&P 500 perked 4.40 points or 0.10 percent to end at 4,382.78.

The lackluster performance on Wall Street came as traders seemed reluctant to make significant moves following recent strength in the markets.

Amid the focus on the outlook for interest rates, traders kept a close eye on remarks by Fed Chair Jerome Powell - but he refrained from specifically addressing monetary policy, focusing instead on praise for the work done by the Fed's Division of Research and Statistics.

Traders also shrugged off results of the Treasury Department's auction of $40 billion worth of ten-year notes, which attracted average demand.

Crude oil prices fell sharply on Wednesday amid concerns about the outlook for demand and a jump in U.S. crude oil inventories. West Texas Intermediate Crude oil futures for December lost $2.04 or about 2.6 percent at $75.33 a barrel.

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