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Malaysia stocks poised to halt losing streak

Malaysia stocks poised to halt losing streak

KUALA LUMPUR: The Malaysia stock market has moved lower in three straight sessions, dropping more than 45 points or 2.5 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,815-point plateau although it’s expected to stop the bleeding on Thursday.

The global forecast for the Asian markets is upbeat, with bargain hunting expected to boost the oversold bourses. The European markets were mixed, and the U.S. markets were higher – and the Asian markets figure to split the difference.

The KLCI finished sharply lower on Wednesday following losses from the financial shares, plantation stocks and industrial issues.

For the day, the index tumbled 34.84 points or 1.88 percent to finish at 1,815.94 after trading between 1,811.56 and 1,851.74. Volume was 3.2 billion shares worth 2.7 billion ringgit. There were 1,105 decliners and 111 gainers.

Among the actives, AMMB Holdings plummeted 6.72 percent, while Genting Malaysia plunged 5.36 percent, Maxis tumbled 5.11 percent, CIMB Group dropped 4.17 percent, skidded 3.93 percent, Telekom Malaysia declined 3.71 percent, IHH Healthcare and YTL Corporation both retreated 2.96 percent, IOI Corporation and Sime Darby both shed 2.30 percent, Maybank lost 1.71 percent, Genting fell 1.03 percent, Tenaga Nasional slid 1.01 percent and Public Bank gave away 0.25 percent.

The lead from Wall Street is positive as stocks showed a substantial turnaround on Wednesday after opening sharply lower as the major averages bounced firmly into positive territory.

The Dow added 230.94 points or 0.96 percent to 24,264.30, while the NASDAQ jumped 100.83 points or 1.45 percent to 7,042.11 and the S&P gained 30.24 points or 1.16 percent to 2,644.69.

The rebound came as traders shrugged off trade war concerns that initially weighed on the markets after China issued a list of 106 U.S. products that will be subject to additional tariffs.

In economic news, payroll processor ADP noted stronger than expected private sector job growth in March, while the Institute for Supply Management said the pace of growth in the service sector slowed in March.