On Thursday, the Malaysian stock market ended its three-day winning streak, during which it had gained nearly 40 points or 2.4 percent. The Kuala Lumpur Composite Index (KLCI) closed slightly above the 1,650 mark and is expected to see minimal movement on Friday.The global outlook for Asian markets hints at little activity pending crucial inflation data later in the day. While European markets saw gains, U.S. markets were mixed and flat, suggesting that Asian markets might follow suit.The KLCI saw a significant drop on Thursday, mainly due to losses in financial shares, plantation stocks, and telecoms. The index fell 21.69 points or 1.29 percent, ending the day at 1,653.55 after fluctuating between 1,651.73 and 1,684.68.In terms of individual performances, Axiata surged 3.25 percent, and Celcomdigi spiked 2.13 percent. Conversely, CIMB Group plummeted 4.53 percent, Genting fell 2.93 percent, and Genting Malaysia declined 1.95 percent. IHH Healthcare slipped 0.32 percent, IOI Corporation was down 0.25 percent, and Kuala Lumpur Kepong eased 0.18 percent. Maxis advanced 0.78 percent, while Maybank weakened 1.66 percent. MISC skidded 1.63 percent, MRDIY slumped 1.84 percent, and Petronas Chemicals plunged 3.45 percent. PPB Group dropped 1.10 percent, Press Metal added 0.39 percent, and Public Bank retreated 2.08 percent. QL Resources lost 0.46 percent, RHB Capital shed 0.81 percent, Sime Darby slid 0.41 percent, SD Guthrie dipped 0.22 percent, Sunway rallied 2.05 percent, Telekom Malaysia sank 1.03 percent, Tenaga Nasional fell 0.43 percent, YTL Corporation tanked 3.17 percent, and YTL Power tumbled 2.92 percent.Wall Street’s performance offered little direction as the major averages opened higher on Thursday but slipped late in the day to end mixed and largely unchanged. The Dow gained 243.63 points or 0.59 percent to finish at a record 41,335.05, while the NASDAQ declined 39.60 points or 0.23 percent to close at 17,516.43. The S&P 500 slightly eased by 0.22 points or barely moved to end at 5,591.96.Early gains on Wall Street were partly fueled by positive reactions to the latest U.S. economic data. A Commerce Department report revealed that the U.S. economy grew more than previously estimated in the second quarter. Additionally, the Labor Department reported a slight drop in first-time claims for U.S. unemployment benefits last week.However, buying interest dwindled late in the session as traders awaited key consumer price inflation data due later today. The tech-heavy NASDAQ’s downturn also resulted from Nvidia’s (NVDA) stock slump, despite the company’s Q2 results exceeding expectations and a strong fiscal third-quarter revenue forecast.Oil prices rose sharply on Thursday due to supply concerns, following reports that Libya halted production and shut down multiple export ports. West Texas Intermediate Crude oil futures for October climbed $1.39 or 1.87 percent to $75.91 a barrel.The material has been provided by InstaForex Company – www.instaforex.com
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