(RTTNews) – The Malaysia stock market has moved lower in two straight sessions, although it has given up just three points or 0.2 percent in that span. The Kuala Lumpur Composite Index now rests just beneath the 1,430-point plateau and it’s likely to remain in that neighborhood again on Thursday.
The global forecast for the Asian markets is mixed to lower amid waning momentum and a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are expected to open to the downside.
The KLCI finished barely lower on Wednesday following mixed performances from the financials and telecoms, while the plantations offered support.
For the day, the index eased 0.06 points or 0.00 percent to finish at 1,429.55 after trading between 1,425.71 and 1,430.20.
Among the actives, Axiata fell 0.33 percent, while CIMB Group lost 0.38 percent, Dialog Group climbed 0.83 percent, Digi.com improved 0.23 percent, Genting skidded 0.85 percent, Genting Malaysia retreated 1.49 percent, INARI tumbled 1.59 percent, IOI Corporation advanced 0.80 percent, Kuala Lumpur Kepong added 0.58 percent, Maxis sank 0.49 percent, MISC declined 1.11 percent, MRDIY and Press Metal both slumped 0.61 percent, Petronas Chemicals gained 0.42 percent, Public Bank collected 0.50 percent, RHB Capital perked 0.18 percent, Sime Darby Plantations added 0.48 percent, Tenaga Nasional was up 0.11 percent and PPB Group, Sime Darby, Maybank, IHH Healthcare, Telekom Malaysia, QL Resources and Nestle Malaysia were unchanged.
The lead from Wall Street continues to be inconsistent as the NASDAQ and S&P opened under pressure on Wednesday and remained that way throughout, while the Dow stayed mostly positive.
The Dow gained 80.34 points or 0.24 percent to finish at 33,482.72, while the NASDAQ tumbled 129.47 points or 1,07 percent to end at 11,996.86 and the S&P 500 sank 10.22 points or 0.25 percent to close at 4,090.38.
The uptick by the Dow was partly due to a strong gain by shares of Johnson & Johnson (JNJ), with the healthcare giant surging by 4.5 percent after the company announced it has agreed to pay $8.9 billion over 25 years to settle outstanding claims.
Meanwhile, concerns about the economic outlook weighed on the NASDAQ and the S&P following the release of disappointing data.
Payroll processor ADP said that private sector employment increased less than expected in March. And the Institute for Supply Management said growth in U.S. service sector activity slowed much more than expected last month.
Oil prices drifted lower on Wednesday as worries about economic slowdown outweighed data showing a drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for May ended lower by $0.10 at $80.61 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.
