Malaysia Stock Market May Find Support On Thursday
(RTTNews) - The Malaysia stock market has finished lower in three straight sessions, slipping more than 40 points or 2.5 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,600-point plateau although it may stop the bleeding on Thursday.
The global forecast for the Asian markets is positive, with technology and energy stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The KLCI finished modestly lower on Wednesday as losses from the financial sector were mitigated by support from the technology and plantation companies.
For the day, the index shed 8.88 points or 0.55 percent to finish at 1,595.19 after trading between 1,588.75 and 1,602.54.
The lead from Wall Street is firm as the major averages opened mixed on Wednesday but trended to the upside throughout the day, finishing firmly in the green.
The Dow gained 254.60 points or 0.49 percent to finish at 52,486.49, while the NASDAQ rallied 400.31 points or 1.60 percent to end at 25,466.19 and the S&P 500 jumped 98.45 points or 1.31 percent to close at 7,619.38.
Technology stocks have helped lead the markets back to upside amid a positive reaction to better-than-expected quarterly results from neocloud company CoreWeave (CRWV).
Semiconductor stocks showed a strong move to the upside, driving the Philadelphia Semiconductor Index up by 5.7 percent, while energy stocks also provided support.
Crude oil prices advanced on Wednesday after strong remarks by Iranian leaders against the U.S. diminished expectations of an early reopening of the Strait of Hormuz. West Texas Intermediate crude for December delivery was up $0.96 or 1.12 percent at $87.00 per barrel.
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