Malaysian stock market set to extend losing streak

(RTTNews) – The Malaysian stock market has fallen in four straight sessions, slipping nearly a dozen points or 0.7% along the way. The Kuala Lumpur Composite Index is now just above the 1,595 plateau and is likely to take further damage on Friday.

The global outlook for Asian markets is mixed to the downside, thanks to a surge in crude oil prices and treasury yields. European markets were up and US stock markets were down and Asian markets should follow the latter lead.

KLCI ended slightly lower on Thursday as losses in financial stocks and plantations were offset by support from glovers and telecoms.

For the day, the index fell 1.48 points or 0.09% to end at a daily low of 1,595.70 after peaking at 1,602.38. The volume was 3.32 billion shares worth 1.99 billion ringgit. There were 465 rejections and 445 winners.

Among assets, Axiata lost 0.55%, CIMB Group fell 2.65%, Dialog Group fell 1.54%, and MISC both rose 0.52%, Genting fell up 0.22%, Genting Malaysia gained 0.34%, Hartalega Holdings was up 0.87%, IHH Healthcare. climbed 1.24%, INARI fell 1.69%, IOI Corporation fell 1.14%, Kuala Lumpur Kepong sank 0.73%, Maybank fell 0.11%, MRDIY climbed 0.88%, PPB Group rose 0.23%, Press Metal climbed 2.17%, RHB Capital fell 0.67%, Telekom Malaysia gained 1.23%, Tenaga Nasional lost 0 .33%, Top Glove jumped 1.14% and Petronas Chemicals, Sime Darby, Sime Darby Plantations, Maxis and Public Bank were unchanged.

Wall Street’s lead is weak as major averages spent much of Thursday in the red and ended in negative territory.

The Dow fell 113.36 points or 0.33% to end at 34,451.23, while the NASDAQ plunged 292.51 points or 2.14% to close at 13,351.08 and the S&P 500 fell 54.00 points or 1.21% to end at 4,392.59.

For the week, the Dow Jones fell 0.78%, the NASDAQ fell 2.63% and the S&P lost 2.13%; markets are closed on Fridays for Good Friday.

Tech stocks led the way lower amid a substantial rebound in Treasury yields, with the yield on the ten-year note hitting its highest closing level since December 2018.

In economic news, the Commerce Department showed U.S. retail sales rose in March, while the Labor Department showed U.S. initial jobless claims rose more than scheduled last week. And the University of Michigan showed substantial improvement in US consumer confidence in April.

Crude oil prices jumped on Thursday as the European Union considered banning imports of Russian oil. West Texas Intermediate crude oil futures for May ended up $2.70 or 2.6%; WTI crude futures gained almost 9% during the week.

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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