Malaysia Stock Market Poised To End Losing Streak

(RTTNews) – The Malaysia stock market has ticked lower in back-to-back sessions, although it has slipped not even 2 points or 0.2 percent in that span. The Kuala Lumpur Composite Index remains just beneath the 1,435-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is upbeat thanks to easing concerns over inflation and interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely lower on Thursday following mixed performances from the financials, telecoms and plantations.

For the day, the index eased 0.52 points or 0.04 percent to finish at 1,434.22 after trading between 1,430.89 and 1,435.01.

Among the actives, Axiata added 0.33 percent, while CIMB Group retreated 0.76 percent, Dialog Group rallied 0.84 percent, Digi.com lost 0.23 percent, Genting fell 0.21 percent, Genting Malaysia tanked 1.49 percent, INARI plummeted 2.50 percent, IOI Corporation jumped 1.58 percent, Kuala Lumpur Kepong stumbled 1.10 percent, Maxis gained 0.24 percent, Maybank collected 0.11 percent, MISC dropped 0.42 percent, MRDIY tumbled 1.21 percent, Petronas Chemicals perked 0.14 percent, Press Metal eased 0.20 percent, Public Bank slumped 0.75 percent, RHB Capital advanced 0.88 percent, Sime Darby sank 0.46 percent, Sime Darby Plantations rose 0.23 percent, Telekom Malaysia declined 0.79 percent, Tenaga Nasional improved 1.55 percent and IHH Healthcare, PPB Group and Petronas Gas were unchanged.

The lead from Wall Street is solid as the major averages opened slightly higher on Thursday but accelerated as the day progressed, ending near session highs.

The Dow surged 383.19 points or 1.14 percent to finish at 34,029.69, while the NASDAQ spiked 236.93 points or 1.99 percent to end at 12,166.27 and the S&P 500 jumped54.27 points or 1.33 percent to close at 4,146.22.

The rally on Wall Street came following a report from the Labor Department showing an unexpected decrease in U.S. producer prices in March.

Combined with Wednesday’s tamer-than-expected consumer price inflation data, the report helped ease concerns about inflation and the outlook for interest rates.

A separate Labor Department report showed first-time claims for U.S. unemployment benefits rose more than expected last week.

Crude oil prices drifted lower Thursday as weak data and worries about a U.S. recession raised concerns about the outlook for oil demand. West Texas Intermediate Crude oil futures for May slumped $1.10 or 1.3 percent at $82.16 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.