Losses May Accelerate For Malaysia Bourse

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The Malaysia stock market has finished lower in back-to-back sessions, although it has given up just 4 points or 0.2 percent in that span. The Kuala Lumpur Composite Index remains just beneath the 1,780-point plateau and it’s looking at another soft start again on Friday.

The global forecast for the Asian markets is broadly negative as tensions continue to escalate between North Korea and the United States. The European and U.S. markets were down and the Asian markets are expected to follow suit.

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

For the day, the index eased 0.17 points or 0.01 percent to finish at 1,777.77 after trading between 1,773.64 and 1,778.18. Volume was 1.35 billion shares worth 1.49 billion ringgit. There were 585 decliners and 248 gainers, with 392 stocks finishing unchanged.

Among the actives, AMMB Holdings surged 2.33 percent, while Genting Malaysia shed 0.84 percent, Maybank and MISC both lost 0.41 percent, CIMB Group collected 0.30 percent, Petronas Chemicals added 0.29 percent, IOI Corporation gained 0.22 percent, Sime Darby picked up 0.11 percent, Public Bank dipped 0.10 percent and Tenaga Nasional and Axiata were unchanged.

The lead from Wall Street is weak as stocks moved sharply lower on Thursday as the NASDAQ and S&P 500 fell to their lowest closing levels in a month.

The Dow lost 204.69 points or 0.9 percent to 21,844.01, while the NASDAQ fell 135.46 points or 2.1 percent to 6,216.87 and the S&P dipped 35.81 points or 1.5 percent to 2,438.21.

Geopolitical concerns continued to weigh amid escalating tensions between the U.S. and North Korea. President Trump further ratcheted up the rhetoric, suggesting that his “fire and fury” comments may not have been tough enough.

In economic news, the Labor Department noted an unexpected drop in U.S. producer prices in July, while a separate report showed an uptick in initial jobless claims last week.

Crude oil futures fell Thursday after OPEC admitted its production rose in July despite a supply quota agreement with Russia. WTI light sweet crude oil dropped 82 cents to $48.72 a barrel, down from a two-month high near $50.

by RTT Staff Writer

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Market Analysis

2017-08-10 19:30:30

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