Malaysia Stock Market May Reverse Thursday's Losses

RTTNews | 8 hari yang lalu

(RTTNews) - The Malaysia stock market on Thursday snapped the four-day winning streak in which it had collected almost 30 points or 1.8 percent. The Kuala Lumpur Composite Index now sits just shy of the 1,625-point plateau although it may bounce higher again on Friday.

The global forecast for the oversold Asian markets is positive, with bargain hunting expected amidst easing treasury yields. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished modestly lower on Thursday following losses from the technology, energy and utility sectors, while communications companies were up.

For the day, the index slipped 4.02 points or 0.25 percent to finish at 1,623.70 after trading between 1,617.14 and 1,625.61.

The lead from Wall Street is upbeat as the major averages opened mixed on Thursday but trended to the upside throughout the day, ending near session highs.

The Dow jumped 556.21 points or 1.8 percent to finish at 52,177.69, while the NASDAQ rose 20.16 points or 0.08 percent to end at 26,713.03 and the S&P 500 added 25.12 points or 0.33 percent to close at 7,744.06.

The early weakness on Wall Street came as tech stocks saw further downside amid renewed concerns about the outlook for the artificial intelligence trade.

The recovery came amid a steep drop in treasury yields, with the yield on the benchmark ten-year note tumbling to a three-week low.

In economic news, the Labor Department said producer prices in the U.S. shot up much more than expected in September, although the Federal Reserve is still expected to leave interest rates on hold later this month..

Crude oil prices were higher for a sixth straight day on Thursday on elevated supply concerns after two commercial vessels in the Strait of Hormuz were struck by projectiles. West Texas Intermediate crude for November delivery surged $2.95 or 3.1 percent to $98.04 a barrel.

Closer to home, Malaysia will see preliminary Q3 data for gross domestic product later today; in the previous three months, GDP was up 6.0 percent on year.

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