Soft start expected for Malaysian stock market

(RTTNews) – Ahead of Thursday’s holiday to mark Prophet Muhammad’s birth, the Malaysian stock market fell again – a day after ending a two-day losing streak in which it lost nearly 5 points or 0.3%. The Kuala Lumpur Composite Index now sits just above the 1495 point plateau and it could open again in the red on Friday as it makes up for missed sentiment.

Global forecasts for Asian markets suggest a slight uptick, with earnings optimism tempered by the worsening coronavirus. European markets were mixed and US markets were up and Asian markets made the difference.

The KLCI ended slightly lower on Wednesday following losses in financial stocks, plantation stocks and telecommunications.

For the day, the index lost 5.15 points or 0.34% to end at 1,495.20 after trading between 1,492.11 and 1,505.64. The volume was 4.661 billion shares worth 3.439 billion ringgits. There were 737 declining and 291 winning.

Among assets, Axiata jumped 7.04%, while Malaysia Airports Holdings climbed 4.65%, Top Glove fell 1.46%, Hartalega Holdings plunged 1.42%, CIMB Group lost 1.32%, IOI Corporation fell 1.13%, Tenaga Nasional slipped 1.11%, AMMB Holdings was down 1.02%, IHH Healthcare was down 0.97%, Sime Darby was up 0 , 83%, Maxis lost 0.81%, PPB Group added 0.63%, MISC fell 0.59%, Press Metal gained 0.54%, fell 0.51%, Genting Malaysia lost 0.49%, Sime Darby Plantations lost 0.41%, Genting fell 0.33%, Dialog Group slipped 0.27%, Public Bank and Petronas Gas both fell 0, 25%, RHB Capital fell 0.23%, Kuala Lumpur Kepong rose 0.18% and Petronas Chemicals, Hap Seng Consolidated, Maybank and Hong Leong Bank remained unchanged.

Wall Street’s lead is positive as bargain hunters fueled a significant rebound on Thursday, recovering from the sell-off a day earlier.

The Dow Jones gained 139.16 points or 0.52% to end at 26,659.11, while the NASDAQ climbed 180.72 points or 1.64% to end at 11,185.59 and the S&P 500 a jumped 39.08 points or 1.19% to close at 3,310.11.

The tech-savvy NASDAQ jump was led by Facebook (FB), as social media rose 4.9% ahead of the release of its third quarter results. Tech giants Apple (AAPL), Alphabet (GOOGL) and Amazon (AMZN) also rose strongly ahead of their quarterly results.

Wall Street’s strength also follows a Commerce Department report showing a stronger-than-expected rebound in the US economy in the third quarter. Adding to the positive sentiment, the Labor Department said initial jobless claims had fallen to their lowest level since before coronavirus-induced closures last week.

Crude oil prices fell sharply on Thursday amid concerns about the outlook for energy demand amid a further rise in coronavirus cases and stricter lockdowns in several countries. West Texas Intermediate crude oil futures for December ended down $ 1.22 or 3.3% at $ 36.17 a barrel, the lowest settlement in nearly five months.

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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