Renewed Consolidation Anticipated For Malaysia Stock Market

RTTNews | 1153 days ago
Renewed Consolidation Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished higher in two of three trading days since the end of the eight-day losing streak in which it had lost more than 100 points or 6.9 percent. The Kuala Lumpur Composite Index now rests just above the 1,470-point plateau although it figures to head south again on Friday.

The global forecast for the Asian markets suggests further consolidation on worldwide recession fears. The European and U.S. markets finished with deep losses and the Asian bourse are also tipped to open in the red.

The KLCI finished modestly higher on Thursday following gains from the financials and telecoms, while the plantations were mixed and the glove makers were down.

For the day, the index advanced 13.72 points or 0.94 percent to finish at 1,472.77 after trading between 1,461.94 and 1,476.02. Volume was 2.476 billion shares worth 1.840 billion ringgit. There were 556 decliners and 392 gainers.

Among the actives, Axiata strengthened 1.09 percent, while CIMB Group improved 1.21 percent, Dialog Group tumbled 1.89 percent, Digi.com increased 0.93 percent, Genting slumped 1.07 percent, Hartalega Holdings plummeted 4.03 percent, IHH Healthcare spiked 2.42 percent, INARI climbed 1.53 percent, IOI Corporation skidded 1.23 percent, Kuala Lumpur Kepong was up 0.17 percent, Maybank collected 1.04 percent, Maxis advanced 1.23 percent, MISC surged 2.68 percent, MRDIY declined 1.65 percent, Petronas Chemicals added 1.05 percent, PPB Group perked 0.38 percent, Press Metal accelerated 1.86 percent, Public Bank rallied 1.56 percent, RHB Capital jumped 1.74 percent, Sime Darby gained 0.94 percent, Sime Darby Plantations retreated 1.30 percent, Telekom Malaysia soared 2.61 percent, Top Glove plunged 3.47 percent and Genting Malaysia and Tenaga Nasional were unchanged.

The lead from Wall Street is broadly negative as the major averages opened sharply lower on Thursday and remained deep in the red throughout the day, finishing near session lows.

The Dow plummeted 741.46 points or 2.42 percent to finish at 29,927.07, while the NASDAQ plunged 453.06 points or 4.08 percent to close at 10,646.10 and the S&P 500 dropped 123.22 points or 3.25 percent to end at 3,666.77.

The sell-off on Wall Street reflected concerns aggressive monetary policy action by central banks around the world may trigger a global recession.

Following the Federal Reserve's widely expected 75 basis point interest rate hike on Wednesday, central banks in Switzerland, England and Taiwan, among others, also decided to hike rates.

In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. jobless benefits last week. Also, the Commerce Department said new residential construction in the U.S. plunged more than expected May.

Oil futures settled higher on Thursday after prices rebounded as tight supply levels outweighed concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for July ended higher by $2.27 or 2 percent at $117.58 a barrel.

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