The Malaysian stock market resumed its downward trend on Wednesday, following a brief respite after a three-day losing streak that saw a decline of over 15 points or 0.9 percent. The Kuala Lumpur Composite Index (KLCI) now sits just below the 1,615 mark, though there are indications it might recover slightly on Thursday.
The global outlook for Asian markets remains neutral, with ambiguous signals concerning interest rate forecasts. European and U.S. markets showed mixed and marginal movements, suggesting that Asian markets may exhibit a similar pattern.
The KLCI recorded a modest decline on Wednesday, impacted by downturns in financial, telecommunications, and plantation sectors. At the close of trading, the index fell by 14.96 points or 0.92 percent, settling at a low of 1,614.83, after reaching an earlier high of 1,631.15.
Key market movements included: 99 Speed Mart Retail declining 1.67 percent, Axiata dropping 2.13 percent, Celcomdigi decreasing 1.37 percent, CIMB Group down 0.74 percent, Gamuda slipping 0.19 percent, Kuala Lumpur Kepong losing 0.47 percent, Maxis falling 2.47 percent, Maybank reducing by 0.98 percent, MISC tumbling 4.24 percent, MRDIY descending 1.63 percent, Nestle Malaysia contracting 0.84 percent, Petronas Chemicals dropping 2.85 percent, Petronas Gas gaining 0.34 percent, PPB Group down 0.96 percent, Public Bank decreasing 1.33 percent, QL Resources falling 1.50 percent, Sime Darby declining 0.43 percent, SD Guthrie retracting 2.38 percent, Sunway slipping 2.08 percent, Telekom Malaysia dropping 0.31 percent, YTL Corporation diminishing 1.83 percent, with YTL Power inching up 0.22 percent and IHH Healthcare, IOI Corporation, Press Metal, RHB Bank, Tenaga Nasional, and Hong Leong Financial remaining unchanged.
On Wall Street, the markets exhibited minimal movement with major indices fluctuating throughout Wednesday before ending in a mixed and predominantly unchanged state. The irregular trading mirrored the market's uncertainty regarding interest rate prospects, influenced by mixed U.S. employment data.
ADP's report indicating that private sector job growth decelerated more than anticipated in December contrasted with the Labor Department's announcement of a surprising reduction in weekly jobless claims to their lowest count in nearly 11 months.
The Federal Reserve released minutes from its most recent monetary policy meeting, offering limited clarity on future interest rate directions beyond highlighting a "careful approach" to upcoming decisions.
In the commodity market, oil futures saw a decline on Wednesday. A notable rise in gasoline inventories coupled with a stronger dollar pressured oil prices. West Texas Intermediate Crude oil futures for February settled down by $0.93, or 1.25 percent, closing at $73.32 per barrel.
The material has been provided by InstaForex Company -
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