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Malaysia Stock Market May Halt Losing Streak

RTTNews | 65 days ago
Malaysia Stock Market May Halt Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in five straight sessions, slumping more than 50 points or 3.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,410-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets is mixed to higher, with bargain hunting expected - especially among the oil and technology stocks. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The KLCI finished slightly lower on Tuesday following mixed performances from the financial shares, plantations, telecoms and glove makers.

For the day, the index dipped 2.17 points or 0.15 percent to finish at the daily low of 1,410.87 after peaking at 1,420.27. Volume was 2.283 billion shares worth 1.923 billion ringgit. There were 427 gainers and 392 decliners.

Among the actives, Axiata soared 2.63 percent, while CIMB Group slumped 0.94 percent, Dialog Group skidded 0.93 percent, Digi.com accelerated 2.09 percent, Genting climbed 0.93 percent, Genting Malaysia and Petronas Chemicals both gained 0.36 percent, Hartalega Holdings spiked 2.55 percent, IHH Healthcare sank 0.67 percent, IOI Corporation jumped 1.60 percent, Kuala Lumpur Kepong advanced 0.68 percent, Maybank fell 0.23 percent, Maxis added 0.57 percent, MISC retreated 1.01 percent, MRDIY rallied 2.05 percent, PPB Group surged 3.39 percent, Press Metal perked 0.25 percent, Public Bank plunged 1.64 percent, RHB Capital tumbled 1.25 percent, Sime Darby dropped 0.92 percent, Sime Darby Plantations tanked 1.61 percent, Tenaga Nasional rose 0.23 percent, Top Glove plummeted 3.94 percent and INARI, Telekom Malaysia and Hong Leong Financial were unchanged.

The lead from Wall Street offers little clarity as the major averages shook off early strength, sinking as the day progressed with only the NASDAQ finishing in the green.

The Dow dropped 125.82 points or 0.43 percent to finish at 29,134.99, while the NASDAQ added 26.58 points or 0.25 percent to end at 10,829.50 and the S&P 500 slipped7.75 points or 0.21 percent to close at 3,647.29.

Bargain hunting contributed to the early rebound on Wall Street, as traders picked up stocks at reduced levels following recent weakness. Buying interest waned over the course of the morning, however, as concerns about higher interest rates and the outlook for the global economy continued to weigh on the markets.

The subsequent pullback by stocks came as treasury yields once again surged after an initial move to the downside, with the yield on the benchmark 10-year note reaching its highest levels in over 12 years.

In economic news, the Commerce Department noted a modest decrease in new orders for U.S. manufactured durable goods in August, as well as a rebound in new home sales last month. Also, the Conference Board saw a bigger than expected improvement in consumer confidence this month.

Crude oil prices climbed higher on Tuesday on reports producers have slowed down production in the U.S. Gulf of Mexico ahead of Hurricane Ian. West Texas Intermediate Crude oil futures for November ended higher by $1.79 or 2.3 percent at $78.50 a barrel.

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