Malaysia Bourse: Strong Support At 1,600 Points

RTTNews | 497 gün önce
Malaysia Bourse: Strong Support At 1,600 Points

(RTTNews) - The Malaysia stock market has moved lower in back-to-back sessions, slipping almost 5 points or 0.3 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it may stop the bleeding on Friday.

The global forecast is upbeat on an improving outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished slightly lower on Thursday following losses from the plantation stocks and telecoms, while the financials were mixed.

For the day, the index dipped 3.53 points or 0.22 percent to finish at 1,601.22 after trading between 1,599.29 and 1,607.38.

Among the actives, Axiata plunged 2.08 percent, while Celcomdigi dropped 0.73 percent, CIMB Group was up 0.15 percent, Genting improved 0.44 percent, IOI Corporation slumped 0.98 percent, Kuala Lumpur Kepong tumbled 1.21 percent, Maxis tanked 1.94 percent, Maybank collected 0.41 percent, MISC fell 0.37 percent, MRDIY advanced 0.56 percent, Petronas Chemicals and YTL Corporation both rose 0.29 percent, PPB Group retreated 1.13 percent, Press Metal surrendered 1.30 percent, Public Bank sank 0.71 percent, QL Resources declined 1.06 percent, RHB Capital gathered 0.18 percent, Sime Darby Plantations skidded 0.87 percent, Telekom Malaysia perked 0.16 percent, Tenaga Nasional gained 0.32 percent, YTL Power added 0.40 percent and Genting Malaysia, IHH Healthcare, Sime Darby and Hong Leong Financial were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened lower on Thursday but quickly bounced higher and spent the rest of the day in positive territory.

The Dow jumped 331.36 points or 0.85 percent to finish at 39,387.76, while the NASDAQ gained 43.46 points or 0.27 percent to close at 16,346.26 and the S&P 500 added 26.41 points or 0.51 percent to end at 5,214.08.

The strength on Wall Street followed the release of a Labor Department report showing a bigger than expected increase by first-time claims for U.S. unemployment benefits last week.

The data added to recently renewed optimism that the Federal Reserve will lower interest rates in the coming months.

While the Fed is still widely expected to leave interest rates unchanged in June, the chances rates will be lower by September have reached 89.3 percent, according to CME Group's FedWatch Tool.

Oil prices moved higher on Thursday, lifted by optimism about the outlook for demand and on recent data showing a bigger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for June ended higher by $0.27 at $79.26 a barrel.

Closer to home, Malaysia will provide March data for industrial production and unemployment later today. Industrial production is tipped to add 2.0 percent on year, moderating from 3.1 percent in February. The jobless rate is called steady at 3.3 percent.

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