Markets

Malaysia Bourse Set To Halt Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in back-to-back trading days, sinking more than 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,585-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is upbeat on optimism for a coronavirus treatment. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The KLCI finished modestly lower on Wednesday following losses from the industrials, support from the plantations and a mixed performance from the financial sector.

For the day, the index lost 13.19 points or 0.83 percent to finish at the daily low of 1,585.56 after peaking at 1,605.26. Volume was 8.236 billion shares worth 5.015 billion ringgit. There were 558 gainers and 456 decliners.

Among the actives, Hartalega Holdings plummeted 8.24 percent, while Top Glove plunged 5.87 percent, Malaysia Airports Holdings tanked 2.94 percent, Hong Leong Bank surged 2.57 percent, PPB Group soared 2.31 percent, Petronas Chemicals tumbled 2.06 percent, Sime Darby Plantations spiked 1.99 percent, Genting Malaysia skidded 1.57 percent, IHH Healthcare jumped 1.50 percent, IOI Corporation climbed 1.12 percent, CIMB Group retreated 1.08 percent, Press Metal declined 1.04 percent, RHB Capital gathered 1.00 percent, Digi.com perked 0.92 percent, Tenaga Nasional dropped 0.70 percent, Maybank collected 0.64 percent, AMMB Holdings advanced 0.63 percent, Public Bank sank 0.53 percent, Dialog Group shed 0.51 percent, Sime Darby added 0.47 percent, Axiata lost 0.29 percent, Genting gained 0.25 percent, Kuala Lumpur Kepong rose 0.09 percent and Maxis and MISC were unchanged.

The lead from Wall Street is firm as stocks fluctuated on Wednesday maintained a positive bias before ending mostly higher.

The Dow jumped 227.51 points or 0.85 percent to finish at 26,870.10, while the NASDAQ gained 61.92 points or 0.59 percent to end at 10,550.49 and the S&P 500 rose 29.04 points or 0.91 percent to close at 3,226.56.

The continued strength on Wall Street came as upbeat news on the coronavirus vaccine front helped traders shrug off a record single-day spike in new Covid-19 cases in the U.S. Biotech firm Moderna (MRNA) said its experimental vaccine was safe and produced strong immune responses in all 45 patients in an early-stage human trial.

Upbeat earnings news from Goldman Sachs (GS) added to the positive sentiment, with the financial giant reporting much stronger than expected second quarter results.

Crude oil futures ended firmly higher Wednesday after data showed a marked decline in U.S. crude inventories last week. West Texas Intermediate crude oil futures for August ended up $0.91 or 2.3 percent at $41.20 a barrel, the highest settlement since March 6.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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