Malaysian stock market could drop support at 1,600 points


(RTTNews) – The Malaysian stock market on Friday ended the two-day winning streak in which it had accumulated almost 25 points or 1.4%. The Kuala Lumpur Composite Index is now just above the 1,600 point plateau and it could extend its losses on Monday.

The overall forecast for Asian markets is continued volatility with a downward bias thanks to the ongoing Russian invasion of Ukraine. European and American markets were down and Asian markets are expected to open similarly.

The KLCI ended modestly lower on Friday following losses in financial stocks, plantation stocks, telecoms and glove makers.

For the day, the index lost 14.60 points or 0.90% to end at 1,603.94 after trading between 1,598.17 and 1,616.28. The volume was 3.445 billion shares worth 3.294 billion ringgit. There were 849 rejections and 239 winners.

Among assets, Axiata lost 0.78%, while CIMB Group lost 0.59%, Dialog Group stumbled 1.48%, Digi.com rose 0.25%, Genting and Sime Darby all both fell 2.14%, Genting Malaysia and Kuala Lumpur Kepong both plunged 3.31%, Hartalega Holdings fell 2.11%, IHH Healthcare gained 0.46%, INARI fell 1.98 %, IOI Corporation fell 0.86%, Maybank weakened 1.32%, Maxis slipped 1.69%, MISC slipped 0.27%, MRDIY fell 0.28%, Petronas Chemicals improved 0.40%, PPB Group fell 2.50%, Public Bank fell 0.23%, RHB Capital fell 0.85%, Sime Darby Plantations fell 3, 04%, Telekom Malaysia added 0.79%, Tenaga Nasional fell 1.20%, Top Glove fell 4.46% and Press Metal and Petronas Dagangan remained unchanged.

Wall Street’s lead is weak as major averages opened lower on Friday and remained solidly in the red throughout the session.

The Dow Jones lost 179.90 points or 0.53% to end at 33,614.80, while the NASDAQ fell 224.46 points or 1.66% to close at 13,313.44 and the S&P fell down 34.62 points or 0.79% to end at 4,328.87. For the week, the NASDAQ plunged 2.8% and the Dow Jones and S&P both fell 1.3%.

Wall Street’s weakness came as concerns over the impact of Russia’s invasion of Ukraine continued to weigh on markets, with Russia stepping up its attacks and taking control of Ukraine’s nuclear power plant in Zaporizhzhia, the most largest nuclear power plant in Europe.

Worries over Ukraine overshadowed the Labor Department’s report which showed US employment jumped again much more than expected in February.

Crude oil prices rose sharply on Friday as concerns over supply disruptions grew amid an escalating Russia-Ukraine conflict. West Texas Intermediate crude oil futures for April rose $8.01, or about 7.4%, to $115.68 a barrel, the highest settlement since September 2008. WTI crude soared 26.3% for the week, the biggest percentage rise since the week ending April 3. , 2020.

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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