logo
  

Little Movement Seen For Malaysia Stock Market

The Malaysia stock market on Thursday snapped the two-day winning streak in which it had collected just over 5 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,540-point plateau and it's expected to remain in that neighborhood again on Friday.

The global forecast is murky amidst uncertainties about interest rates and economic growth. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The KLCI finished sharply lower on Thursday following losses from the financials, telecoms, plantations and glove makers.

For the day, the index shed 17.13 points or 1.10 percent to finish at the daily low of 1,538.80 after peaking at 1,559.71. Volume was 3.613 billion shares worth 2.506 billion ringgit. There were 874 decliners and 209 gainers.

Among the actives, Axiata slid 0.58 percent, while CIMB Group lost 0.98 percent, Dialog Group surrendered 2.94 percent, Digi.com retreated 2.26 percent, Genting skidded 1.54 percent, Genting Malaysia tumbled 2.98 percent, Hong Leong Bank collected 0.49 percent, IHH Healthcare added 0.47 percent, INARI plunged 4.92 percent, IOI Corporation tanked 3.44 percent, Kuala Lumpur Kepong slumped 1.93 percent, Maybank was down 0.33 percent, Maxis sank 1.33 percent, MISC shed 1.32 percent, MRDIY stumbled 2.00 percent, Petronas Chemicals eased 0.20 percent, PPB Group fell 0.95 percent, Press Metal plummeted 5.33 percent, Public Bank slipped 0.43 percent, Sime Darby Plantations weakened 1.80 percent, Telekom Malaysia dropped 1.42 percent, Tenaga Nasional dipped 0.56 percent, Top Glove declined 2.61 percent and Hartalega Holdings, RHB Capital and Sime Darby were unchanged.

The lead from Wall Street offers little clarity as the major averages opened lower on Thursday and spent much of the day bouncing back and forth across the unchanged line before finally ending mixed and little moved.

The Dow dropped 103.81 points or 0.33 percent to finish at 31,730.30, while the NASDAQ rose 6.73 points or 0.06 percent to close at 11,370.96 and the S&P 500 fell 5.10 points or 0.13 percent to end at 3,930.08.

The volatility on Wall Street came as traders continued to debate whether the markets have hit their bottom, with the major averages falling to their worst levels in over a year.

However, recent bargain hunting efforts have largely been thwarted by worries about the Federal Reserve aggressively raising interest rates in an effort to combat elevated inflation.

Adding to the worries, the Labor Department reported that the annual rate of producer price growth slowed less than expected in April. Also, the Labor Department unexpectedly showed a slight increase in first-time claims for U.S. unemployment benefits last week.

Crude oil futures ended modestly higher on Thursday as the European Union's proposal to ban Russian oil offset concerns of prolonged Covid-19 lockdowns in China. West Texas Intermediate Crude oil futures for June ended higher by $0.42 or 0.4 percent at $106.13 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT