Continued Consolidation Called For Malaysia Shares
(RTTNews) - The Malaysia stock market has finished lower in back-to-back sessions, sliding almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,590-point plateau and it's tipped to open in the red again on Friday.
The global forecast for the Asian markets is soft on continued concerns over the prospects for a trade deal between the United States and China. The European and U.S. markets were down and the Asian markets are expected to follow suit.
The KLCI finished modestly lower on Thursday following losses from the financial shares and mixed performances from the plantations and industrials.
For the day, the index sank 8.95 points or 0.56 percent to finish at 1,592.19 after trading between 1,587.07 and 1,601.36. Volume was 2.9 billion shares worth 2.2 billion ringgit. There were 547 decliners and 325 gainers.
Among the actives, AMMB Holdings plummeted 2.87 percent, while Petronas Chemicals plunged 2.77 percent, RHB Capital tumbled 1.762 percent, Tenaga Nasional skidded 1.32 percent, IOI Corporation soared 0.90 percent, Maxis dropped 0.75 percent, Sime Darby Plantations retreated 0.58 percent, Public Bank declined 0.50 percent, Press Metal climbed 0.43 percent, Kuala Lumpur Kepong advanced 0.42 percent, Sime Darby sank 0.42 percent, Maybank shed 0.35 percent, Digi.com added 0.33 percent, Genting Malaysia lost 0.31 percent, IHH Healthcare gained 0.18 percent, MISC and Hong Leong Financial both fell 0.12 percent and Genting, Dialog Group, Top Glove, CIMB Group and Axiata all were unchanged.
The lead from Wall Street continues to be negative as stocks opened lower on Thursday and stayed that way throughout the day, extending losses from the previous session.
The Dow shed 54.80 points or 0.20 percent to finish at 27,766.29, while the NASDAQ lost 20.52 points or 0.24 percent to 8,506.21 and the S&P 500 fell 4.92 points or 0.15 percent to 3,103.54.
The continued weakness on Wall Street reflected renewed uncertainty about the U.S. and China finalizing a phase one trade deal after reports said completion of a phase one U.S.-China trade deal could slide into next year.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits were unchanged last week. Also, the National Association of Realtors said U.S. existing home sales rebounded more than expected in October.
Crude oil prices rebounded from early losses and moved higher to their best levels in two months on Thursday, on news that OPEC and its allies will likely extent output cuts beyond March 2020. West Texas Intermediate Crude oil futures for January ended up $1.57 or 2.8 percent at $58.58 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.