RSS Malaysia Bourse May Find Traction On Thursday

Currently reading:
 RSS Malaysia Bourse May Find Traction On Thursday

Status
Not open for further replies.

Crax Bot

Staff member
Administrator
Amateur
LV
0
Joined
Nov 5, 2021
Threads
6,211
Likes
1,916
Credits
32,784©
Cash
0$
The Malaysian stock market has experienced a downturn for four consecutive sessions, with a cumulative decrease of over 15 points, translating to a 1% decline. The Kuala Lumpur Composite Index is currently positioned slightly above the 1,600 threshold, although there are expectations it might stabilize by Thursday.

Positive sentiment about interest rate prospects has fueled an optimistic forecast for Asian markets. Both European markets and U.S. exchanges exhibited upward trends, indicating that Asian markets are likely to mirror this positive movement.

On Wednesday, the KLCI witnessed a modest dip, impacted by declines in the plantations and industrials sectors, alongside mixed results from the financials and telecoms sectors.

Specifically, the index descended by 5.77 points or 0.36%, closing at 1,603.20, fluctuating between 1,598.93 and 1,605.01 during the session.

Among active stocks, Genting fell by 0.83%, Genting Malaysia decreased by 0.93%, IHH Healthcare plunged 3.76%, and IOI Corporation dropped 1.03%. Kuala Lumpur Kepong declined by 1.30%, while Maxis rose 1.15%. Maybank and Petronas Dagangan both gained 0.20%, MISC fell by 0.80%, MRDIY decreased by 1.09%, but Nestle Malaysia advanced 2.05%. Petronas Chemicals tumbled 2.16%, PPB Group slipped 0.78%, Press Metal was down 0.60%, Public Bank made gains of 1.99%, and QL Resources fell 2.07%. Sime Darby retreated 1.69%, both SD Guthrie and YTL Corporation slumped 1.39%, Sunway experienced a significant drop of 5.85%, Telekom Malaysia declined 1.51%, Tenaga Nasional increased 0.58%, YTL Power fell 1.63%, while Axiata, Celcomdigi, CIMB Group, and RHB Bank remained unchanged.

Wall Street provided a mixed yet predominantly positive signal, with major indices opening higher on Wednesday. However, the Dow Jones Industrial Average failed to maintain its initial gains.

The Dow declined by 99.27 points or 0.22%, ending at 44,148.56. Conversely, the NASDAQ spiked by 347.65 points or 1.77%, reaching a record high of 20,034.89, and the S&P 500 increased by 49.28 points or 0.82%, finishing at 6,084.19.

The overall market strength is attributed to inflation data aligning with predictions, bolstering market confidence in the Federal Reserve potentially reducing interest rates by a quarter-point next week.

According to CME Group's FedWatch Tool, there is currently a 98.6% probability that the Fed will cut rates by 25 basis points at its upcoming December meeting.

Meanwhile, oil futures climbed on Wednesday, influenced by the possibility of European Union sanctions on Russia, expectations of heightened demand from China, and a reported surge in gasoline inventories. West Texas Intermediate crude oil futures for January concluded at $70.29 per barrel, reflecting a $1.70 or 2.5% increase.

The material has been provided by InstaForex Company - www.instaforex.com
 
Status
Not open for further replies.
Tips
Top Bottom