The Malaysian stock market has seen a modest increase over the past two sessions, gaining slightly over 3 points or 0.2%, positioning the Kuala Lumpur Composite Index (KLCI) above the 1,600-point threshold. However, the market's momentum may stall as we approach Friday, with global market predictions remaining uncertain amid ongoing concerns about interest rates. While European markets faced declines, U.S. markets showed mixed and largely flat performances, suggesting that Asian markets might follow the latter trend.
On Thursday, the KLCI showed a marginal uptick, primarily bolstered by gains in the industrial sector, whereas other sectors mostly recorded losses. The index rose by a minor 0.51 points or 0.03% to close at 1,600.09, fluctuating within the range of 1,590.83 to 1,600.73.
Looking at individual market players: Axiata saw a decrease of 0.82%, Celcomdigi increased by 0.28%, and CIMB Group was up by 0.25%. In contrast, Genting Malaysia fell by 0.47%, IOI Corporation dropped by 1.55%, and Kuala Lumpur Kepong experienced a slight dip of 0.09%. Other notable movements included Maxis falling 1.39%, Maybank down 0.59%, MISC retreating 1.87%, and Nestle Malaysia declining by 2.02%. Petronas Chemicals witnessed a significant drop of 2.29%, while Petronas Gas rose by 0.57%. PPB Group saw a fall of 1.98%, Press Metal decreased by 0.83%, and RHB Bank and Sime Darby decreased by 1.23% and 1.72%, respectively. Telekom Malaysia experienced a slight increase of 0.30%, whereas Tenaga Nasional went down by 0.99%. On a positive note, YTL Corporation saw a remarkable increase of 19.16%, and YTL Power surged 11.48%. Genting, MRDIY, IHH Healthcare, Public Bank, and Sunway remained unchanged.
Wall Street's latest session offers little directional insight, having started positively due to bargain hunting, but ended with mixed and mostly unchanged results. The Dow edged up by 15.37 points or 0.04% to 42,342.24, while the NASDAQ dropped 19.93 points or 0.10% to 19,372.77, and the S&P 500 fell by 5.08 points or 0.09% to settle at 5,867.08.
The early Wall Street gains were driven by traders capitalizing on lower stock valuations after Wednesday's substantial declines, which saw the Dow hit its lowest closing point in over a month. The downturn followed the Federal Reserve's decision to lower interest rates by a quarter-point, coupled with projections of fewer rate cuts next year than anticipated.
The Fed's cautious stance on further rate reductions was backed by positive economic data, which included reports from the Commerce Department that indicated stronger-than-anticipated GDP growth in Q3. Additionally, the Labor Department reported a larger-than-expected decrease in initial claims for U.S. jobless benefits last week.
On the commodities front, crude oil futures dropped on Thursday, impacted by a stronger dollar amid the Federal Reserve's outlook for fewer rate cuts. West Texas Intermediate crude oil futures for January closed down by $0.67 or 0.95%, at $69.91 a barrel.
In regional economic news, Malaysia is set to release November's consumer price data today; previously, inflation rose 0.2% month-on-month and 1.9% year-on-year in October.
The material has been provided by InstaForex Company -
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