(RTTNews) – The Malaysia stock market headed south once more on Wednesday, one session after halting the three-day slide during which it had stumbled greater than 30 factors or 2.1 p.c. The Kuala Lumpur Composite Index now rests simply beneath the 1,500-point plateau and it may take additional injury on Thursday.
The worldwide forecast for the Asian markets is gentle with know-how stocks anticipated to proceed their curler coaster experience, this time to the draw back. A rising variety of coronavirus circumstances provides to the destructive sentiment. The European markets have been up and the U.S. bourses have been down and the Asian markets determine to observe the latter lead.
The KLCI completed modestly decrease on Wednesday following losses from the financials and industrials, whereas the plantations and rubber glove makers have been combined.
For the day, the index sank 9.30 factors or 0.62 p.c to complete at 1,496.48 after buying and selling between 1,491.17 and 1,509.15. Quantity was 8.453 billion shares worth 4.325 billion ringgit. There have been 896 decliners and 246 gainers.
Among the many actives, Axiata plummeted 3.16 p.c, whereas Hartalega Holdings surged 3.13 p.c, RHB Capital plunged 2.32 p.c, Sime Darby and Petronas Chemical compounds each tanked 2.14 p.c, Genting tumbled 2.08 p.c, Genting Malaysia skidded 1.86 p.c, Dialog Group retreated 1.81 p.c, Press Metallic declined 1.57 p.c, Public Bank surrendered 1.39 p.c, Tenaga Nasional sank 1.09 p.c, Malaysia Airports Holdings dropped 1.03 p.c, IHH Healthcare shed 0.94 p.c, IOI Company jumped 0.90 p.c, Digi.com superior 0.74 p.c, CIMB Group misplaced 0.64 p.c, Maybank fell 0.42 p.c, MISC slid 0.40 p.c, Kuala Lumpur Kepong dipped 0.26 p.c, Maxis rose 0.20 p.c, High Glove eased 0.12 p.c and Sime Darby Plantations and AMMB Holdings have been unchanged.
The lead from Wall Street is broadly destructive as stocks moved sharply decrease on Wednesday, wiping out beneficial properties from the earlier session because the markets fell to a one-month closing low.
The Dow tumbled 525.05 factors or 1.92 p.c to complete at 26,763.13, whereas the NASDAQ plummeted 330.65 factors or 3.02 p.c to finish at 10,632.99 and the S&P 500 dropped 78.65 factors or 2.37 p.c to shut at 3,236.92.
The sell-off on Wall Street got here amid renewed weak spot amongst know-how stocks, as mirrored by the significantly steep drop by the tech-heavy NASDAQ. Huge-name tech corporations like Netflix (NFLX), Apple (AAPL), Amazon (AMZN) and Alphabet (GOOGL) all confirmed important strikes to the draw back.
Considerations about surging coronavirus circumstances in sure components of the world may even have weighed on the markets at the same time as President Donald Trump indicated the U.S. wouldn’t observe the UK.’s lead and implement a second spherical of lockdowns.
In the meantime, Federal Reserve Chair Jerome Powell, persevering with to testify earlier than Congress for the second day, stated the U.S. Congress and the Federal Reserve each have to “stick with it” in working to bolster the financial restoration.
Crude oil futures settled increased Wednesday after knowledge confirmed a drop in U.S. crude inventories final week. However the upside was capped by worries concerning the vitality demand outlook amid a continued surge in coronavirus circumstances. West Texas Intermediate Crude futures for November ended increased by $0.13 or 0.Three p.c at $39.93 a barrel.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.