(RTTNews) – The Malaysia stock market headed south again on Wednesday, one session after it had ended the two-day slide in which it had fallen more than 15 points or 0.8 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,860-point plateau and it’s expected to open under pressure again on Thursday.
The global forecast for the Asian markets is uninspired as tech shares figure to see continued selling pressure, and a drop in crude oil prices adds to the soft sentiment. The European markets were mixed, and the U.S. bourses were down and the Asian markets figure to split the difference.
The KLCI finished modestly lower on Wednesday following losses from the financial shares and the industrial issues.
For the day, the index surrendered 4.58 points or 0.25 percent to finish at 1,857.87 after trading between 1,855.12 and 1,861.25. Volume was 2.082 billion shares worth 1.818 billion ringgit. There were 651 decliners and 251 gainers.
Among the actives, Genting Malaysia plummeted 3.56 percent, while IJM Corporation plunged 3.28 percent, Sime Darby jumped 1.16 percent, Telekom Malaysia tumbled 1.11 percent, CIMB Group skidded 0.97 percent, Genting dropped 0.56 percent, Tenaga Nasional climbed 0.51 percent, Petronas Chemicals shed 0.36 percent, Maybank dipped 0.19 percent, PPB Group fell 0.10 percent and IOI Corporation and Kuala Lumpur Kepong were unchanged.
The lead from Wall Street is negative as stocks saw considerable volatility on Wednesday before finally settling in negative territory.
The Dow shed 9,.29 points or 0.04 percent to 23,848.42, while the NASDAQ lost 59.58 points or 0.85 percent to 6,949.23 and the S&P 500 fell 7,62 points or 0.29 percent to 2,605.00.
The volatility extends a recent trend, while light volume may also have contributed to the choppy trading ahead of the long holiday weekend.
A notable decline by Amazon (AMZN) weighed on the tech-heavy NASDAQ after a report said President Donald Trump wants to “go after” the online retailer.
In economic news, the Commerce Department saw stronger than estimated economic growth in Q4 as GDP was revised up to 2.9 percent from 2.5 percent. Also, the National Association of Realtors noted a bigger than expected rebound in pending home sales in February.
Crude oil futures tumbled Wednesday after the government confirmed a surprise build in U.S. oil inventories. WTI light sweet oil was down 95 cents at $64.30 a barrel.
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