Malaysia Stock Market Tipped To Open In The Red

(RTTNews) - The Malaysia stock market on Thursday ended the two-day slide in which it had slipped more than 10 points or 0.6 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,630-point plateau although it may head south again on Friday.

The global forecast for the Asian markets is weak on waning optimism over the outlook for interest rates. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The KLCI finished slightly higher on Thursday following gains from the plantations, weakness from the financials and a mixed picture from the telecoms and industrials.

For the day, the index perked 2.17 points or 0.13 percent to finish at 1,629.67 after trading between 1,626.67 and 1,632.53. Among the actives, 99 Speed Mart Retail added 0.70 percent, while AMMB Holdings perked 0.34 percent, Axiata slumped 1.12 percent, Celcomdigi vaulted 0.27 percent, CIMB Group retreated 1.17 percent, Gamuda increased 0.75 percent, IOI Corporation jumped 1.27 percent, Kuala Lumpur Kepong rose 0.39 percent, Maxis soared 1.64 percent, MISC expanded 0.41 percent, MRDIY strengthened 1.19 percent, Nestle Malaysia was up 0.26 percent, Petronas Chemicals sank 0.47 percent, Petronas Dagangan stumbled 1.30 percent, Petronas Gas rallied 1.29 percent, PPB Group picked up 0.18 percent, Press Metal accelerated 1.34 percent, Public Bank declined 1.15 percent, QL Resources climbed 1.13 percent, RHB Bank dipped 0.15 percent, Sime Darby surged 2.31 percent, SD Guthrie gathered 0.38 percent, Sunway gained 0.69 percent, Telekom Malaysia improved 0.85 percent, Tenaga Nasional collected 0.61 percent, YTL Corporation advanced 1.12 percent, YTL Power spiked 1.46 percent and IHH Healthcare, Maybank and Hong Leong Bank were unchanged.

The lead from Wall Street is soft as the major averages opened flat but quickly turned lower and spent the balance of the day in the red.

The Dow dropped 243.36 points or 0.52 percent to finish at 46,358.42, while the NASDAQ slipped 18.75 points or 0.08 percent to close at 23,023.62 and the S&P 500 sank 18.61 points or 0.28 percent to end at 6,735.11.

The pullback on Wall Street reflected profit taking following recent strength in the markets, which came amid persistent optimism about the artificial intelligence trade.

Investors may also have begun to express concerns about the ongoing U.S. government shutdown, which entered its ninth day with no end in sight.

Traders also kept an eye on remarks by several Federal Reserve officials, with Fed Governor Michael Barr said the central bank should move "cautiously" due to considerable uncertainty about the future course of the economy.

Crude oil prices fell sharply on Thursday due to the possible easing of hostilities in the Middle East. West Texas Intermediate crude for November delivery was down $1.10 or 1.76 percent at $61.45 per barrel.

Closer to home, Malaysia will provide August data for industrial production and unemployment later today; in July, production was up 4.2 percent on year and the jobless rate was 3.0 percent.