The Malaysia stock market has moved lower in back-to-back trading days, sliding almost 20 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,845-point plateau and it may tick lower again on Friday.
The global forecast for the Asian markets is murky amid inconsistent data and a bump in crude oil prices. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The KLCI finished modestly lower on Thursday following losses from the industrials, financial shares and plantation stocks.
For the day, the index dipped 11.79 points or 0.63 percent to finish at the daily low of 1,845.27 after peaking at 1,854.12. Volume was 2.9 billion shares worth 2.5 billion ringgit. There were 514 decliners and 411 gainers.
Among the actives, Axiata plummeted 3.70 percent, while RHB Capital plunged 2.60 percent, Genting tumbled 1.66 percent, Genting Malaysia spiked 1.52 percent, IJM Corporation skidded 1.44 percent, IOI Corporation dropped 1.23 percent, Sime Darby retreated 1.13 percent, Maybank shed 0.77 percent, Petronas Chemicals added 0.62 percent, Telekom Malaysia gained 0.36 percent, CIMB Group fell 0.28 percent, Tenaga Nasional was up 0.13 percent and YTL Corporation and Public Bank were unchanged.
The lead from Wall Street is inconclusive as stocks showed a lack of direction on Thursday, bouncing back and forth across the unchanged line before closing mixed.
The Dow added 115.54 points or 0.47 percent to 24,873.66, while the NASDAQ shed 15.07 points or 0.20 percent to 7,481.74 and the S&P fell 2.15 points or 0.08 percent to 2,747.33.
The choppy trading on Wall Street came as traders digested a slew of U.S. economic data, including a report from the Labor Department showing initial jobless claims edged lower in the week ended March 10.
The Labor Department also said import prices increased more than expected in February, while export prices gained less than expected. The National Association of Home Builders saw a fall in March homebuilder confidence.
The Federal Reserve Bank of New York said activity in the New York manufacturing sector grew robustly in March, while the Philadelphia Federal Reserve said growth in its manufacturing sector slowed in March.
Crude oil prices rose Thursday despite demand warnings from OPEC and signs the U.S. shale boom will continue unabated. April WTI oil gained 23 cents or 0.4 percent to $61.19/bbl.
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