FX.co ★ Little Movement Expected For Malaysia Bourse

The Malaysian stock market has experienced a decline over the past two sessions, shedding more than 5 points, equating to a 0.3 percent drop. Consequently, the Kuala Lumpur Composite Index (KLCI) now finds itself just below the 1,600-point benchmark, and it is expected to hover around this level on Thursday.

The outlook for Asian markets is somewhat unclear, with potential mild declines anticipated particularly in oil and technology sectors. European markets showed slight decreases, while U.S. markets ended the day mixed and relatively unchanged, suggesting limited movement for Asian markets as well.

On Wednesday, the KLCI saw a modest decline, influenced by losses in the financial sector, gains within the plantation sector, and mixed results from telecommunications stocks.

Over the course of the day, the index dropped 4.16 points, or 0.26 percent, closing at 1,598.18, within a trading range of 1,594.51 to 1,606.28.

Among notable stocks, Axiata rose by 1.33 percent, Celcomdigi surged 3.82 percent, while CIMB Group declined 0.36 percent. Genting lost 0.78 percent, and Genting Malaysia fell 0.92 percent. In contrast, Kuala Lumpur Kepong saw a slight increase of 0.18 percent. Maxis decreased by 0.55 percent, Maybank dropped 1.17 percent, and MISC slipped 0.79 percent. MRDIY slightly increased by 0.54 percent, whereas Nestle Malaysia saw a 1.31 percent decline. PPB Group retreated by 1.43 percent, yet Press Metal jumped 1.08 percent. Public Bank decreased by 0.68 percent, but QL Resources advanced 0.84 percent. RHB Bank showed a minor increase of 0.15 percent, Sime Darby ascended 3.14 percent, and SD Guthrie gained 0.20 percent. Sunway climbed 1.03 percent. Telekom Malaysia dipped 0.31 percent, Tenaga Nasional dropped 0.83 percent, YTL Corporation tumbled 2.00 percent, with YTL Power, IHH Healthcare, IOI Corporation, Petronas Chemicals, and Petronas Gas remaining unchanged.

Wall Street provided little insight as major indices traded mostly in negative territory for much of Wednesday, before a late rally led to a mixed and largely unchanged close.

The Dow Jones Industrial Average gained 139.53 points, or 0.32 percent, ending at 43,408.47. Conversely, the NASDAQ Composite dipped 21.33 points, or 0.11 percent, to 18,966.14, while the S&P 500 showed negligible change, increasing 0.13 points to 5,917.11.

This late market rally was driven by positive anticipation of Nvidia’s (NVDA) earnings report, which, once released after market close, proved solid yet fell short of high expectations.

The market's late volatility occurred amid relatively subdued trading activity, lacking major U.S. economic data. Additionally, traders appeared cautious amid rising tensions between Ukraine and Russia.

Oil prices eased on Wednesday due to weak demand concerns and data indicating a rise in U.S. crude inventories. West Texas Intermediate crude oil futures for December settled at $68.87 per barrel, a decrease of $0.52, or 0.75 percent.