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Malaysian Stock Exchange May Extend Thursday Losses

(RTTNews) – The Malaysian Stock Exchange broke the two-day winning streak Thursday when it rose nearly 20 points or 1.3%. The Kuala Lumpur composite index is now just below 1,410 points and losses could accelerate on Friday.

Global forecasts for Asian markets are brutally negative as markets around the world continue to collapse over coronavirus problems. The European and American markets have fallen sharply and Asian stock markets should follow this example.

The KLCI ended sharply lower on Thursday following the loss of financial stocks, plantation stocks and industrialists.

For the day, the index fell 24.40 points or 1.69 percent to end at 1,419.43 after a trade between 1,419.43 and 1,432.70. The volume was 3.8 billion shares for 3.1 billion ringgits. There were 923 decliners and 167 winners.

Of the assets, Genting reached 5.29%, while AMMB Holdings fell 4.19%, Sime Darby fell 4.15%, Top Glove jumped 3.66%, Public Bank a dropped 3.57%, Kuala Lumpur Kepong slipped 3.47%, Genting Malaysia fell 3.33%, Sime Darby Plantations fell 3.25%, CIMB Group lost 2.73%, Press Metal lost 2.04%, IOI Corporation fell 2.00%, Tenaga Nasional lost 1.58%, Hartalega Holdings gained 1.39%, Maybank fell 1.31%, Digi.com increased 0.72%, IHH Healthcare slipped 0.54 percent, Axiata fell 0.51 percent and Petronas Chemicals, Dialog Group, Malaysia Airports Holdings and MISC remained unchanged.

Wall Street’s lead is broadly negative, as stocks posted another substantial drop on Thursday.

The Dow recorded its largest one-day percentage decline since the 1987 stock market crash and the NASDAQ and the S&P 500 joined the benchmark in bearish territory.

The Dow Jones plunged 2,352.60 points or 9.99% to finish at 21,200.62, while the NASDAQ fell 750.25 points or 9.43% to 7,201.80 and the S&P 500 fell 260.74 points or 9.51% to 2,480.64.

Concerns about the impact of the coronavirus continue to weigh on the markets after President Donald Trump addressed the nation about the epidemic on Wednesday evening. Trump was probably trying to calm the markets but instead exacerbated the concerns by announcing a ban on all travel from Europe to the United States for the next 30 days.

The shares briefly fluctuated, but remained significantly lower in afternoon trading after the Federal Reserve announced significant measures to provide liquidity to the financial markets.

Concerns about the coronavirus have overshadowed economic data for the day, including a Labor Department report showing an unexpected drop in first jobless claims last week. The Labor Department also said that producer prices fell more than expected in February against the backdrop of sharp drops in energy prices.

Crude oil prices suffered heavy damage on Thursday, like most other stocks and commodities, with the coronavirus declared a global pandemic. West Texas Intermediate crude oil for April fell $ 2.13 or 6.46% to $ 30.96 a barrel on Thursday. In the past two sessions, crude oil dropped more than 12%.

Closer to home, Malaysia will release January figures for industrial and manufacturing output and unemployment later today. In December, industrial production increased 1.3% year-on-year, while manufacturing production increased 3.4% year-on-year and the unemployment rate stood at 3.3%.

The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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