Malaysia’s stock market has a flat lead for Thursday’s trade
(RTTNews) – Malaysia’s stock market ended a seven-day losing streak on Wednesday in which it fell nearly 60 points or 3.9%. The Kuala Lumpur Composite Index is now just above the 1,515-point plateau and it could rise further on Thursday.
The global outlook for Asian markets is mixed after the Federal Reserve announced a rate hike in the near future, although it has already been largely priced in. Soaring crude oil prices should also limit the decline. European markets were up and the US stock market was mixed and little changed and Asian markets seem to be following the latter lead.
KLCI ended slightly higher on Wednesday as gains by financials and glove makers were capped by weakness in plantings.
For the day, the index added 6.85 points or 0.45% to end at 1,515.76 after trading between 1,508.78 and 1,520.15. The volume was 2.362 billion shares worth 1.845 billion ringgit. There were 618 winners and 254 decliners.
Among assets, Axiata slipped 1.08%, while CIMB Group strengthened 0.19%, Dialog Group jumped 1.90%, Genting gained 1.14%, Genting Malaysia rose 1.10 %, Hartalega Holdings jumped 2.81%, IHH Healthcare gained 0.47%, INARI and Petronas Dagangan. added 0.62%, IOI Corporation fell 1.04%, Maybank rose 0.85%, Maxis fell 0.93%, MISC rose 0.29%, MRDIY jumped 1, 69%, Petronas Chemicals rose 0.22%, PPB Group rose 1.35%, Press Metal climbed 1.17%, Public Bank collected 0.48%, RHB Capital rose 0.36 %, Sime Darby accelerated 1.85%, Sime Darby Plantations fell 1.55%, Telekom Malaysia lost 0.39%, Tenaga Nasional rose 0.44%, Top Glove climbed 1.96 % and Digi.com and Kuala Lumpur Kepong were unchanged.
Wall Street’s lead is mixed on the downside as major averages opened firmly higher on Wednesday before late selling sent the Dow and S&P into the red.
The Dow Jones fell 129.64 points or 0.38% to end at 34,168.09, while the NASDAQ rose 2.82 points or 0.02% to close at 13,542.12 and the S&P 500 rose. fell 6.52 points or 0.15% to end at 4,349.93.
Wall Street’s late-day pullback came after the Fed indicated it planned to start raising interest rates “soon”, citing high inflation and a strong labor market. The Fed left interest rates unchanged at near-zero levels as widely expected, but said “it will soon be appropriate to raise the target range for the fed funds rate.”
The central bank also said it would further reduce the pace of its bond purchases to $30 billion a month from February, with the Fed saying it planned to end its asset purchase program. early March.
In a separate statement, the Fed outlined its plans to drastically reduce the size of its balance sheet, saying it planned to begin the cuts after it began raising interest rates.
Crude oil futures stabilized on Wednesday as prices climbed amid growing geopolitical tensions. US President Joe Biden has warned Moscow of damaging sanctions, including measures to personally target President Vladmir Putin, if Russia invades Ukraine. West Texas Intermediate crude oil futures for March ended up $1.75 or 2% at $87.35 a barrel, the highest settlement since October 2014.
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