(RTTNews.com) - The losing streak has hit seven sessions now for the Malaysia stock market, which has given up more than 90 points or 5.1 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,710-point plateau and it's looking at another soft start again on Friday.
The global forecast for the Asian markets continues to be weak, thanks to concerns over global growth and interest rates - while tumbling crude oil prices add to the soft sentiment. The European and U.S. markets were firmly lower and the Asian bourses are expected to follow suit.
The KLCI finished sharply lower on Thursday following losses form the financials, plantations and industrials.
For the day, the index surrendered 26.69 points or 1.54 percent to finish at 1,708.49 after trading between 1,682.98 and 1,708.77. Volume was 3 billion shares worth 3.7 billion ringgit. There were 805 decliners and 233 gainers.
Among the actives, Genting Malaysia plummeted 5.36 percent, IHH Healthcare plunged 4.76 percent, Axiata Group surged 4.16 percent, Digi.com tumbled 3.94 percent, Telekom Malaysia soared 3.53 percent, CIMB Group skidded 3.08 percent, Tenaga Nasional dropped 2.72 percent, Maybank retreated 2.42 percent, Genting declined 2.19 percent, Petronas Chemicals shed 1.50 percent, Sime Darby lost 1.14 percent, Kuala Lumpur Kepong fell 1.04 percent, Public Bank dipped 0.32 percent, IOI corporation eased 0.22 percent and Dialog Group was unchanged.
The lead from Wall Street is negative as stocks opened lower on Thursday and showed wild swings before finishing firmly in the red.
The Dow shed 545.77 points or 2.13 percent to finish at 25,052.97, while the NASDAQ lost 92.99 points or 1.25 percent to 7,329.06 and the S&P fell 57.31 points or 2.06 percent to 2,728.37.
The lower close on Wall Street came even though strength in the bond market led to a significant drop by treasury yields. Even with the decrease in yields, traders remained concerned about the outlook for the interest rates as well as the escalating trade war between the U.S. and China.
Treasuries benefited from the release of a report from the Labor Department showing consumer prices rose by less than expected in September. Also, the Labor Department noted a modest increase in first-time claims for U.S. jobless benefits in the week ended October 6.
Crude oil prices tumbled on Thursday after data showed U.S. crude stockpiles to have risen for a third straight week. Crude oil futures for November delivery ended down $2.20 or 3 percent at $70.97 a barrel.
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