Thursday, December 2, 2021
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Steady Start expected for the stock market in Malaysia

(RTTNews) – Ahead of Thursday’s holiday to Malaysia Day, the stock market in Malaysia had moved lower in five straight sessions, falling more than 45 points or 2.8 percent along the way. The Kuala Lumpur Composite Index is now resting just above the 1,555-point plateau, albeit due to support on Friday.

The global forecast for Asian markets is flat and mixed with concerns about the outlook for interest rates. The European markets were up and the US prices were mixed and slightly changed and the Asian markets would follow the last lead.

KLCI barely finished lower Wednesday after losses from the glove makers, gains from the plantations and a mixed performance from the accounts.

For the day, the index fell 0.25 points or 0.02 percent to close at 1555.26 after trading between 1,549.65 and 1,560.56. Volume was 4.495 billion shares worth 3.06 billion ringgit. There were 519 winners and 492 fallers.

Among the active substances, Axiata fell 1.49 percent, while CIMB Group collected 0.42 percent, Dialog Group fell 1.88 percent, gained 0.45 percent, Genting lost 0.40 percent, Hap Seng plunged 2.06 percent, Hartaleg Holdings fell 1.11 percent, Hong Leong Bank rose 1.73 percent, IHH Healthcare climbed 0.61 percent, IOI Corporation rose 0.26 percent, Kuala Lumpur Kepong rose 0.39 percent, Maxis rose 1.47 percent , MISC retreated 1.14 percent, MRDIY rose 1.28 percent, Petronas Chemicals rose 1.14 percent, PPB Group fell 0.43 percent, Press Metal rose 2.87 percent, Public Bank rose 0.25 percent, RHB Capital rose 0.56 percent, Sime Darby jumped 0.89 percent, Sime Darby Plantations added 0.52 percent, Telecom Malaysia was down 0.17 percent, Tenaga Nasional jumped 1.77 percent, Top Glove fell 0.93 percent and Genting Malaysia and Maybank were unchanged.

The lead from Wall Street provides some guidance as the major averages opened mixed Thursday and then spent most of the session in red, with only NASDAQ inches beyond the unchanged line.

The Dow dropped 63.07 points, or 0.18 percent, to close at 34,751.32, while the NASDAQ rose 20.39 points or 0.13 percent to close at 15,181.92 and the S&P 500 fell 6.95 points or 0.16 percent to end at 4,473.75.

The shortcoming close to Wall Street followed the publication of a report from the Commerce Department, which showed an unexpected increase in US retail sales in August.

Although the increase in retail sales partly reflected a shift back to online consumption amid the proliferation of the delta variant of the coronavirus, consumer resilience may prompt the Federal Reserve to follow plans to begin purchasing its purchases later in the year.

Crude oil futures settled on Thursday, giving up early gains with concerns over China’s decision to release some crude oil from its strategic petroleum reserve. West Texas Intermediate crude oil futures for October settled at $ 72.61 a barrel, unchanged from the previous close.

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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