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Malaysia Stock Market Tipped To Extend Losing Streak

The Malaysia stock market has finished lower in back-to-back sessions, sinking almost 30 points or 2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,500-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is weak as optimism waned in the United States over a coronavirus relief package. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The KLCI finished modestly lower on Thursday, dragged into the red by continued heavy damage from the rubber glove makers, while the financials and plantations were mixed.

For the day, the index lost 6.60 points or 0.44 percent to finish at 1,490.12 after trading between 1,474.23 and 1,504.03. Volume was 8.4 billion shares worth 5.489 billion ringgit. There were 1,022 decliners and 200 gainers.

Among the actives, Top Glove plummeted 9.79 percent, while Hartalega Holdings plunged 8.62 percent, Tenaga Nasional surged 2.86 percent, IHH Healthcare soared 2.80 percent, Kuala Lumpur Kepong spiked 2.60 percent, Digi.com accelerated 2.46 percent, Petronas Chemicals jumped 2.14 percent, Maxis climbed 1.59 percent, Genting Malaysia skidded 1.33 percent, Axiata gathered 1.29 percent, PPB Group perked 1.19 percent, Sime Darby Plantations sank 1.17 percent, IOI Corporation advanced 1.13 percent, AMMB Holdings rallied 1.00 percent, Malaysia Airports Holdings added 0.98 percent, MISC gained 0.93 percent, RHB Capital rose 0.86 percent, Maybank collected 0.67 percent, CIMB Group shed 0.62 percent, Public Bank increased 0.50 percent, Dialog Group was up 0.27 percent, Press Metal added 0.19 percent, Genting fell 0.14 percent and Sime Darby was unchanged,

The lead from Wall Street is negative as stocks were unable to hold on to early gains Thursday, reversing course in the late morning before finishing firmly in the red.

The Dow plunged 405.89 points or 1.45 percent to finish at 27,534.58, while the NASDAQ tumbled 221.97 points or 1.99 percent to end at 10,919.59 and the S&P 500 dropped 59.77 points or 1.76 percent to close at 3,339.19.

Strength among tech stocks contributed to the early advance on Wall Street, but they also helped to lead the subsequent pullback by the markets.

Adding to the negative sentiment, Senate Republicans failed to advance a new coronavirus stimulus bill. Facing unanimous opposition from Democrats, the bill couldn't clear a key procedural hurdle in the latest sign of the difficulty lawmakers have had in passing a new relief package.

In economic news, the Labor Department said initial jobless claims were roughly unchanged last week, defying expectations for a notable decline. Also, the Labor Department said producer prices increased slightly more than expected last month.

Crude oil prices drifted lower Thursday after data showed an increase in U.S. crude inventories last week, while easing of output curbs by OPEC+ also contributed to oil's weakness. West Texas Intermediate Crude oil futures for October ended down $0.75 or 2 percent at $37.30 a barrel.

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