Markets

Malaysia Stock Market May Halt Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, slipping almost 8 points or 0.5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,590-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is firm as the impeachment drama starts to unfold in Washington. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KLCI finished slightly lower on Wednesday following mixed performances from the financial shares, plantation stocks and industrial issues.

For the day, the index dipped 2.75 points or 0.17 percent to finish at 1,589.58 after trading between 1,586.14 and 1,593.99. Volume was 2.2 billion shares worth 1.6 billion ringgit. There were 521 decliners and 285 gainers.

Among the actives, Sime Darby plummeted 1.73 percent, while Genting plunged 1.19 percent, Dialog Group tumbled 1.17 percent, Axiata skidded 1.16 percent, IOI Corporation spiked 1.15 percent, Sime Darby Plantations dropped 1.02 percent, RHB Capital retreated 0.89 percent, Petronas Chemicals jumped 0.80 percent, Genting Malaysia declined 0.65 percent, Kuala Lumpur Kepong and Hong Leong Bank both sank 0.61 percent, Tenaga Nasional climbed 0.59 percent, Hartalega Holdings advanced 0.55 percent, CIMB Group collected 0.40 percent, Maybank shed 0.35 percent, Public Bank lost 0.30 percent, MISC fell 0.26 percent, Press Metal eased 0.20 percent and PPB Group, Top Glove, IHH Healthcare and Digi.com were unchanged.

The lead from Wall Street is upbeat as stocks showed a lack of direction Wednesday before moving firmly into positive territory.

The Dow added 162.94 points or 0.61 percent to finish at 26,970.71, the NASDAQ spiked 83.76 points or 1.05 percent to 8,077.38 and the S&P 500 rose 18.27 points or 0.62 percent to 2,984.87.

Stocks moved to the upside in reaction to the release of the memorandum of President Donald Trump's controversial call with Ukrainian President Volodymyr Zelensky as impeachment proceedings continue.

In economic news, the Commerce Department said U.S. new home sales rebounded strongly in August following a sharp pullback a month prior.

Crude oil prices drifted lower Wednesday after data showed a jump in U.S. crude inventories for a second straight week. West Texas Intermediate Crude Oil futures for November ended down $0.80 or 1.4 percent at $56.49 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.