Malaysia Stock Market Tipped To Extend Losing Streak

(RTTNews) – The Malaysia stock market has moved lower in four straight sessions, slipping almost a dozen points or 0.7 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,595-point plateau and it’s likely to take further damage on Friday.

The global forecast for the Asian markets is mixed to lower, thanks to a spike in crude oil prices and treasury yields. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KLCI finished slightly lower on Thursday as losses from the financial shares and plantations were offset by support from the glove makers and telecoms.

For the day, the index dipped 1.48 points or 0.09 percent to finish at the daily low of 1,595.70 after peaking at 1,602.38. Volume was 3.32 billion shares worth 1.99 billion ringgit. There were 465 decliners and 445 gainers.

Among the actives, Axiata shed 0.55 percent, CIMB Group plummeted 2.65 percent, Dialog Group declined 1.54 percent, and MISC both advanced 0.52 percent, Genting fell 0.22 percent, Genting Malaysia added 0.34 percent, Hartalega Holdings advanced 0.87 percent, IHH Healthcare spiked 1.24 percent, INARI tumbled 1.69 percent, IOI Corporation retreated 1.14 percent, Kuala Lumpur Kepong sank 0.73 percent, Maybank dipped 0.11 percent, MRDIY climbed 0.88 percent, PPB Group perked 0.23 percent, Press Metal soared 2.17 percent, RHB Capital slumped 0.67 percent, Telekom Malaysia rallied 1.23 percent, Tenaga Nasional lost 0.33 percent, Top Glove jumped 1.14 percent and Petronas Chemicals, Sime Darby, Sime Darby Plantations, Maxis and Public Bank were unchanged.

The lead from Wall Street is soft as the major averages spent much of Thursday in the red and finished in negative territory.

The Dow dropped 113.36 points or 0.33 percent to finish at 34,451.23, while the NASDAQ plunged 292.51 points or 2.14 percent to close at 13,351.08 and the S&P 500 tumbled 54.00 points or 1.21 percent to end at 4,392.59.

For the week, the Dow dipped 0.78 percent, the NASDAQ sank 2.63 percent and the S&P lost 2.13 percent; the markets are closed on Friday for Good Friday.

Tech stocks helped lead the way lower amid a substantial rebound by treasury yields, with the yield on the ten-year note reaching its highest closing level since December 2018.

In economic news, the Commerce Department showing U.S. retail sales increased in March, while the Labor Department showed first-time claims for U.S. unemployment benefits increased more than expected last week. And the University of Michigan showed a substantial improvement in U.S. consumer sentiment in April.

Crude oil prices surged on Thursday amid reports that the European Union is considering a ban on Russian oil imports. West Texas Intermediate Crude oil futures for May ended higher by $2.70 or 2.6 percent; WTI crude futures gained nearly 9 percent in the week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Jinggo B Danuarta

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