The Malaysian stock market is likely to recover the mark of 1,500 points

(RTTNews) – The Malaysian stock market headed south again on Wednesday, a day after ending the two-day slide in which it fell nearly a dozen points or 0.8 %. The Kuala Lumpur Composite Index sits just above the 1,490 plateau, although it is expected to rebound again on Thursday.

Global forecasts for Asian markets are optimistic thanks to easing inflation fears. European and US markets were solidly higher and Asian exchanges are expected to open similarly.

KLCI ended slightly lower on Wednesday on heavy damage from glove makers, while financials and telecoms were mixed and plantations offered support.

For the day, the index lost 5.35 points or 0.36% to end at 1,492.33 after trading between 1,490.22 and 1,496.25. The volume was 2.165 billion shares worth 1.677 billion ringgit. There were 601 refusals and 242 winners.

Among assets, Axiata fell 1.69%, while CIMB Group rose 0.19%, Dialog Group fell 1.34%, Digi.com lost 0.27%, Genting fell 0, 43%, Genting Malaysia gained 0.34%, Hartalega Holdings fell 12.50%, IHH Healthcare improved 0.31%. percent, INARI fell 4.41 percent, Kuala Lumpur Kepong climbed 1.08 percent, Maybank collected 0.11 percent, Maxis jumped 1.60 percent, MISC rose 0, 99 percent, MRDIY fell 1.39 percent, Petronas Chemicals rose 0.23 percent, Press Metal rose 0.21 percent, Public Bank sank 0.64 percent, RHB Capital fell 0.34%, Sime Darby rumbled 1.71%, Sime Darby Plantations strengthened 1.57%, Telekom Malaysia added 0.36%, Tenaga Nasional fell 0.12%, Top Glove plunged 5.58% and IOI Corporation and PPB Group remained unchanged.

Wall Street’s advance is broadly positive as major averages opened firmly higher on Wednesday and remained that way throughout the day, ending at three-month closing highs.

The Dow Jones jumped 535.10 points or 1.63% to end at 33,309.51, while the NASDAQ jumped 360.88 points or 2.89% to end at 12,854.80 and the S&P 500 jumped 87.77 points or 2.13% to close at 4,210.24.

The rally on Wall Street came after the Labor Department released a report showing US consumer prices fell unexpectedly flat in July.

Weaker-than-expected inflation data has led to speculation that the Federal Reserve may slow the pace of interest rate hikes at its September meeting.

Crude oil prices rose on Wednesday, lifted by data showing a bigger-than-expected drop in U.S. gasoline inventories last week. The weak dollar and increased demand for gasoline also contributed to the surge in oil prices. West Texas Intermediate crude oil futures ended up $1.43 or 1.6% at $91.93 a barrel.

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

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