logo
Plus   Neg
Share
Email

Malaysia Stock Market May Snap Losing Streak

The Malaysia stock market has finished lower in back-to-back trading days, giving up almost 8 points or 0.5 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,550-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is upbeat on renewed optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The KLCI finished modestly lower on Wednesday following losses from the financial shares and plantation stocks.

For the day, the index sank 7.56 points or 0.48 percent to finish at 1,551.23 after trading between 1,548.62 and 1,555.42. Volume was 1.9 billion shares worth 1.7 billion ringgit. There were 508 decliners and 295 gainers.

Among the actives, Top Glove plummeted 2.24 percent, while Malaysia Airports Holdings plunged 1.84 percent, MISC surged 1,79 percent, Sime Darby soared 1.78 percent, AMMB Holdings tumbled 1.52 percent, Sime Darby Plantations skidded 1.06 percent, CIMB Group dropped 1.02 percent, IOI Corporation retreated 0.94 percent, Public Bank declined 0.93 percent, PPB Group sank 0.89 percent, Press Metal shed 0.84 percent, Maybank lost 0.83 percent, Tenaga Nasional fell 0.73 percent, Genting Malaysia slid 0.65 percent, Digi.com dipped 0.64 percent, Petronas Chemicals added 0.42 percent, Kuala Lumpur Kepong was down 0.19 percent and Hong Leong Financial, Maxis, RHB Capital, IHH Healthcare, Axiata and Hong Leong Bank all were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, with traders expressing renewed optimism about upcoming U.S.-China trade talks.

The Dow added 181.97 points or 0.70 percent to 26,346.01, while the NASDAQ jumped 79.96 points or 1.02 percent to 7,903.74 and the S&P 500 rose 26.34 points or 0.91 percent to 2,919.40.

The strength on Wall Street followed reports that China is still open to reaching a partial trade deal with the U.S. Negotiators aren't optimistic about securing a broad agreement but said China would accept a limited deal as long as President Donald Trump does not impose any more tariffs.

Meanwhile, traders largely shrugged off the minutes of the Federal Reserve's September monetary policy meeting, which revealed a few participants expressed concerns that the markets expect more interest rate cuts than are appropriate.

Crude oil futures settled lower Wednesday after data showed an increase in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for November edged down $0.04 to $52.59 a barrel after hitting a high of $53.74 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT
>