(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, sinking more than 25 points or 1.7 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,555-point plateau although it's expected to find traction on Thursday.
The global forecast for the Asian markets is upbeat on easing bond yields and surging crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The KLCI finished modestly lower on Wednesday following losses from the glove makers and mixed performances from the financials and plantations.
For the day, the index shed 7.50 points or 0.48 percent to finish at the daily low of 1,557.55 after peaking at 1,581.55. Volume was 12.709 billion shares worth 7.018 billion ringgit. There were 995 decliners and 332 gainers.
Among the actives, Axiata accelerated 1.49 percent, while CIMB Group collected 0.48 percent, Dialog Group rose 0.31 percent, Digi.com added 0.79 percent, Genting increased 0.22 percent, Genting Malaysia lost 0.35 percent, Hartalega Holdings cratered 5.97 percent, IHH Healthcare dipped 0.20 percent, IOI Corporation fell 0.24 percent, Kuala Lumpur Kepong climbed 1.03 percent, Maxis sank 0.43 percent, MISC jumped 1.05 percent, Petronas Chemicals spiked 2.27 percent, Press Metal perked 2.64 percent, RHB Capital skidded 1.12 percent, Sime Darby advanced 0.93 percent, Sime Darby Plantations gathered 1.02 percent, Supermax plunged 7.52 percent, Telekom Malaysia tanked 3.41 percent, Tenaga Nasional gained 0.41 percent, Top Glove plummeted 7.76 percent and Maybank, Public Bank and PPB Group were unchanged.
The lead from Wall Street is broadly positive as stocks opened in the red on Wednesday but then quickly surged well into the green, accelerating into the close.
The Dow spiked 424.51 points or 1.35 percent to finish at 31,961.86, while the NASDAQ jumped 132.77 points or 0.99 percent to end at 13,597.97 and the S&P 500 gained 44.06 points or 1.14 percent to close at 3,925.43.
The rally on Wall Street came as bond yields gave ground after spiking early in the session. The yields on ten-year notes and thirty-year bonds reached their highest intraday levels in a year before pulling back as the day progressed.
The pullback by yields followed comments from Federal Reserve Chair Jerome Powell, who again reiterating that the Fed is likely to maintain its ultra-easy monetary policy for the foreseeable future.
On the U.S. economic front, the Commerce Department noted a much bigger than expected jump in new home sales in the U.S. in January.
Crude oil prices were sharply higher Wednesday, fueled by the likely impact of last week's severe cold conditions on refinery activity in Texas. West Texas Intermediate Crude oil futures for April ended up $1.55 or 2.5 percent at $63.22 a barrel, the highest settlement since January 2020.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
