Malaysia Stock Exchange May Extend Wednesday’s Losses

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(RTTNews) – The Malaysian stock market headed south again on Wednesday, a session after breaking the two-day losing streak in which it stumbled nearly 20 points or 1.2%. The Kuala Lumpur Composite Index is now just above the 1,580 point plateau and losses could accelerate on Thursday.

Global forecasts for Asian markets are slightly soft ahead of key US inflation data later today. European markets were mixed and US stock markets were down and Asian markets were counting to divide the difference.

The KLCI ended slightly lower on Wednesday following plantations losses and mixed performances from financials, telecoms and glove manufacturers.

For the day, the index fell 6.48 points or 0.41% to end a daily low of 1581.48 after peaking at 1,590.77. The volume was 6 billion shares worth 3.198 billion ringgits. There were 640 decline and 367 winners.

Among assets, Axiata grew 0.26%, while CIMB Group rose 1.09%, Dialog Group grew 0.69%, Digi.com fell 0.71%, Genting slipped by 0.77%, Hartalega Holdings fell 0.35%, IHH Healthcare gained 0.37%, IOI Corporation fell. 0.74%, Maxis added 0.44%, MISC increased 0.29%, Petronas Chemicals and Petronas Gas both fell 0.12%, PPB Group fell 0.43%, Press Metal a plunged 2.11%, Public Bank fell 1.64%, RHB Capital lost 0.25%, Sime Darby Plantations fell 2.97%, Supermax climbed 1.31%, Telekom Malaysia fell by 0.98%, Tenaga Nasional lost 0.20%, Top Glove jumped 1.26% and Genting Malaysia, Kuala Lumpur Kepong, Maybank and Sime Darby remained unchanged.

Wall Street’s advance suggests slight consolidation as stocks opened mixed on Wednesday, bounced off the unchanged line, and ultimately ended slightly lower.

The Dow Jones lost 152.68 points or 0.44% to end at 34,447.14, while the NASDAQ lost 13.16 points or 0.09% to end at 13,911.75 and the S&P 500 lost 7.71 points or 0.18% to close at 4,219.55.

Cautious trading on Wall Street reflected concerns over key inflation data that could prompt the Federal Reserve to start talks about cutting its asset purchase program earlier than expected.

In economic news, the Commerce Department said wholesalers’ inventories rose 0.8% on the month to $ 698.0 billion in April after rising 1.2% in March.

Crude oil prices edged down Wednesday after data showed an increase in gasoline inventories in the United States last week. West Intermediate crude oil futures for July ended down $ 0.09 or 0.1% at $ 69.96 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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