The Malaysian stock market has experienced declines over the past two trading sessions, dropping nearly 8 points or 0.5 percent. The Kuala Lumpur Composite Index (KLCI) currently hovers just above the 1,670-point mark and may continue to face challenges on Thursday.Market forecasts indicate minimal movement for Asian markets as they await crucial U.S. unemployment data set to be released on Friday. European markets were down, while U.S. markets showed mixed, flat performances, and Asian markets are expected to follow this trend.On Wednesday, the KLCI closed modestly lower, reflecting mixed performances in financial stocks, plantation shares, and telecom sectors. The index dipped by 6.41 points or 0.38 percent to settle at 1,670.24, with intraday trading ranging between 1,662.22 and 1,675.53.Notable movements include Axiata slipping by 0.40 percent, Celcomdigi advancing by 0.81 percent, and CIMB Group dropping 0.48 percent. Genting fell by 1.16 percent, while Genting Malaysia slumped by 1.19 percent. IHH Healthcare saw a rise of 0.16 percent, and IOI Corporation lost 0.77 percent. Kuala Lumpur Kepong slid 0.56 percent, Maxis dipped 0.52 percent, and Maybank rallied 0.93 percent. Other significant declines include MISC down by 1.43 percent, MRDIY sinking 0.97 percent, Petronas Chemicals plummeting by 2.14 percent, and Press Metal declining by 1.23 percent. Public Bank shed 0.83 percent, QL Resources surrendered 1.37 percent, and RHB Capital fell 0.66 percent. On the upside, SD Guthrie climbed 1.09 percent, but Sunway plunged by 1.67 percent. Telekom Malaysia eased by 0.30 percent, YTL Corporation retreated by 1.32 percent, and YTL Power dropped 1.52 percent. Sime Darby and Tenaga Nasional remained unchanged.Wall Street provided little direction, as major indices opened mixed on Wednesday, stayed near the flatline for most of the day, and closed with minimal changes. The Dow Jones Industrial Average added 38.04 points or 0.09 percent to finish at 40,974.97, while the NASDAQ dropped 52.00 points or 0.30 percent to close at 17,084.30, and the S&P 500 dipped 8.86 points or 0.16 percent, ending at 5,520.07.The lackluster performance on Wall Street reflects ongoing uncertainty regarding the near-term outlook for markets, following considerable volatility in recent months. Although stocks have recently rebounded substantially, concerns about the economic outlook remain.Oil prices fell on Wednesday due to growing concerns about demand, following reports that OPEC plans to restore 180,000 barrels per day of voluntary production cuts starting next month. West Texas Intermediate Crude oil futures for October dropped $1.14 or 1.6 percent, ending at $69.20 a barrel—a nine-month low.Closer to home, Malaysia’s central bank will conclude its monetary policy meeting later today and announce its decision on interest rates. The central bank is expected to maintain its benchmark lending rate at 3.00 percent.The material has been provided by InstaForex Company – www.instaforex.com
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