The Malaysian stock market experienced a decline over five consecutive sessions, shedding more than 15 points or 1 percent in total. The Kuala Lumpur Composite Index is currently positioned slightly above the 1,600 mark, and Friday's trading is projected to continue this sluggish trend.
The outlook for Asian markets appears subdued, with a particular softness in oil and technology stocks. European exchanges closed with mixed, uninspiring results, while U.S. markets experienced a downturn, suggesting that Asian markets may experience a similar mixed performance.
On Thursday, the KLCI saw a marginal decline, driven by varied outcomes in financial, telecom, and plantation sectors. Specifically, the index fell by 1.12 points or 0.07 percent, closing at 1,602.08, within a trading range of 1,597.12 to 1,605.95.
Key stocks showed varied movements: Axiata dropped by 0.42 percent, Celcomdigi fell 1.92 percent, CIMB Group increased by 0.25 percent, and Genting Malaysia decreased 0.47 percent. IHH Healthcare saw a slight rise of 0.14 percent, while Kuala Lumpur Kepong dipped 0.09 percent. Maxis gained 0.85 percent, Maybank went up by 0.20 percent, and MRDIY increased by 0.55 percent. Notably, Petronas Dagangan surged 2.19 percent. Other movements included PPB Group's 0.78 percent decrease, Press Metal's 0.41 percent rise, and Public Bank's 0.87 percent decline. QL Resources gained 0.64 percent, while RHB Bank fell 0.46 percent. Sime Darby climbed 0.86 percent, SD Guthrie increased by 1.01 percent, Sunway surged 2.00 percent, and Telekom Malaysia rose by 1.53 percent. Tenaga Nasional decreased by 1.45 percent, and YTL Power increased by 1.66 percent. Stocks like Genting, Nestle Malaysia, YTL Corporation, IOI Corporation, Petronas Chemicals, and MISC were unchanged.
Wall Street provided a negative lead as major indices, which started trading mixed on Thursday, quickly turned downward and closed near their session lows. The Dow Jones Industrial Average declined by 234.44 points or 0.64 percent to 43,914.12, while the NASDAQ slumped by 132.05 points or 0.66 percent to 19,769.84, and the S&P 500 dropped by 32.94 points or 0.54 percent to 6,051.25.
The downturn was partially attributed to profit taking, following the NASDAQ's milestone close above 20,000 on Wednesday. Additional negativity stemmed from a U.S. Labor Department report indicating that producer prices in November rose more than anticipated. Although there is broad expectation that the Federal Reserve will lower interest rates in the upcoming week, these figures have prompted concerns regarding the pace of future rate cuts early next year.
In commodity markets, oil futures fell after three consecutive days of gains, influenced by the International Energy Agency's forecast of a potential oil supply surplus in the coming year. Specifically, West Texas Intermediate Crude oil futures for January delivery dropped $0.27 or 0.4 percent, settling at $70.02 per barrel.
The material has been provided by InstaForex Company -
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