The Malaysian stock market has experienced gains for three consecutive sessions, adding nearly 40 points or 2.4 percent overall. Currently, the Kuala Lumpur Composite Index (KLCI) stands just above the 1,675-point mark; however, investors are anticipated to secure profits on Thursday.Global forecasts for Asian markets are generally mixed and flat, primarily due to impending key inflation data. While European markets displayed mixed results, U.S. markets declined, suggesting that Asian markets might show a balanced outcome.On Wednesday, the KLCI closed sharply higher, buoyed by an uptrend in financial shares and plantations. The index advanced by 22.95 points or 1.39 percent, closing at 1,675.24 after fluctuating between 1,657.77 and 1,681.37 throughout the day.Notable movements among active stocks included: Axiata, which increased by 0.82 percent; Celcomdigi, which surged by 3.88 percent; and CIMB Group, which soared by 5.67 percent. Additionally, Genting rose by 2.78 percent, Genting Malaysia improved by 1.58 percent, IHH Healthcare edged up by 0.16 percent, IOI Corporation gained 2.86 percent, and Kuala Lumpur Kepong strengthened by 2.64 percent. Meanwhile, Maxis advanced by 2.13 percent, Maybank added 1.50 percent, and Petronas Chemicals surged by 4.64 percent. Conversely, MISC dropped by 0.35 percent, MRDIY shed 0.48 percent, PPB Group fell by 0.82 percent, Press Metal declined by 4.11 percent, and Public Bank climbed by 2.56 percent. Other notable losses included QL Resources, which slumped by 1.66 percent, and Sime Darby, which plummeted by 4.31 percent. Sunway plunged by 4.17 percent, Telekom Malaysia dropped by 0.88 percent, Tenaga Nasional gained 0.57 percent, YTL Corporation tumbled by 3.73 percent, and YTL Power surrendered 3.33 percent.Wall Street’s lead has been negative, with major averages opening lower and maintaining a downward trend throughout the trading session. The Dow Jones Industrial Average fell by 159.08 points or 0.39 percent to close at 41,091.42. The NASDAQ dropped 198.79 points or 1.12 percent, closing at 17,556.03, and the S&P 500 decreased by 33.62 points or 0.60 percent to end at 5,592.18.Wall Street’s downturn was partially driven by concerns over Nvidia’s (NVDA) fiscal second-quarter results released after the market closed. Nvidia eventually reported a year-over-year profit increase that surpassed estimates.Further pressure on stocks came from anticipation about Friday’s Commerce Department report on personal income and spending for July, including inflation metrics favored by the Federal Reserve. While this data is not expected to disrupt confidence that the Fed may lower rates next month, it could influence expectations on the pace of future rate cuts.Crude oil futures declined on Wednesday due to worries about global oil demand and smaller-than-expected reductions in U.S. crude oil inventories the previous week. West Texas Intermediate Crude futures for October fell by $1.01 or 1.34 percent, settling at $74.52 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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