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Renewed Selling Pressure Expected For Malaysia Shares

The Malaysia stock market on Thursday ended the four-day losing streak in which it had fallen almost 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just above the 1,575-point plateau although it may head south again on Friday.

The global forecast for the Asian markets suggests mild consolidation on concerns over coronavirus stimulus and falling oil prices. The European markets were down and the U.S. bourses were mixed and the Asian markets also figure to open in the red.

The KLCI finished sharply higher on Thursday following gains from the financial shares, plantation stocks and telecoms.

For the day, the index jumped 19.78 points or 1.27 percent to finish at the daily high of 1,576.42 after moving as low as 1,561.17. Volume was 11.666 billion shares worth 4.971 billion ringgit. There were 607 gainers and 491 decliners.

Among the actives, Malaysia Airports Holdings surged 4.11 percent, while Hartalega Holdings soared 2.73 percent, Public Bank spiked 2.30 percent, Top Glove accelerated 2.04 percent, Petronas Chemicals rallied 2.03 percent, Maybank jumped 1.96 percent, IOI Corporation climbed 1.81 percent, CIMB Group collected 1.69 percent, Genting gathered 1.26 percent, Sime Darby Plantations perked 1.18 percent, IHH Healthcare advanced 1.13 percent, Press Metal added 1.01 percent, AMMB Holdings shed 0.66 percent, Genting Malaysia lost 0.41 percent, Digi.com gained 0.24 percent, Tenaga Nasional and Kuala Lumpur Kepong both rose 0.18 percent, MISC fell 0.13 percent and Sime Darby, Dialog Group and Axiata were unchanged.

Wall Street offers little clarity as stocks were lackluster on Thursday, lingering near the unchanged line before ending mixed.

The Dow shed 80.12 points or 0.29 percent to finish at 27,896.72, while the NASDAQ added 30.26 points or 0.27 percent to end at 11,042.50 and the S&P 500 fell 6.92 points or 0.20 percent to close at 3,373.43.

The choppy trading on Wall Street came as traders kept an eye on developments in Washington, where Democrats and White House officials remain at an impasse over a coronavirus relief bill.

The ongoing stalemate over a new stimulus bill has raised concerns the economic recovery implied by recent data could stall.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits declined by more than expected last week.

Oil prices were down on Thursday after the International Energy Agency cut its forecast for global oil demand for 2020 to 91.9 million barrels per day. West Texas Intermediate crude futures dipped $0.28 or 0.66 percent at $42.27, after having jumped 2.6 percent on Wednesday.

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