The Malaysia stock market headed south again on Wednesday, one day after ending the four-day losing streak in which it had given up more than 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,610-point plateau although it may tick higher again on Thursday.
The global forecast for the Asian markets is upbeat following the FOMC’s rate decision and optimism over future moves. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished slightly lower on Wednesday following mixed performances from the financials, industrials, plantations and telecoms.
For the day, the index dipped 3.17 points or 0.20 percent to finish at 1,611.00 after trading between 1,606.11 and 1,612.50.
Among the actives, 99 Speed Mart Retail sank 0.56 percent, while AMMB Holdings tanked 2.28 percent, Axiata stumbled 2.69 percent, Celcomdigi and Tenaga Nasional both gained 0.31 percent, CIMB Group shed 0.38 percent, Gamuda eased 0.19 percent, IHH Healthcare retreated 1.52 percent, IOI Corporation lost 0.49 percent, Kuala Lumpur Kepong rallied 0.84 percent, Maxis rose 0.26 percent, Maybank collected 0.20 percent, MISC jumped 1.37 percent, Nestle Malaysia surged 2.95 percent, Petronas Chemicals soared 2.80 percent, Petronas Gas added 0.35 percent, PPB Group fell 0.20 percent, Press Metal declined 1.32 percent, RHB Bank dropped 0.68 percent, Sime Darby advanced 0.53 percent, SD Guthrie slumped 0.75 percent, Sunway climbed 0.72 percent, Telekom Malaysia skidded 1.03 percent, YTL Corporation tumbled 2.38 percent, YTL Power contracted 1.22 percent and Public Bank, QL Resources, Petronas Dagangan and MRDIY were unchanged.
The lead from Wall Street is positive as the major averages opened flat and hugged the line before taking off late in the day.
The Dow jumped 497.46 points or 1.05 percent to finish at 48,057.75, while the NASDAQ added 77.67 points or 0.33 percent to close at 23,654.16 and the S&P 500 gained 46.17 points or 0.67 percent to end at 6,886.68.
The late-day strength on Wall Street came after the Fed announced its widely expected decision to cut interest rates by another quarter point, matching the rate cuts seen in September and October.
While a majority of Fed officials voted to cut rates by another quarter point, three cast dissenting votes for the first time since September 2019. The central bank’s latest summary of economic projections also showed significant divisions about the outlook for rates.
Despite the mixed views, traders seem optimistic about the outlook for rates, potentially reflecting hopes for a move dovish regime under President Donald Trump’s new Fed Chair choice.
Crude oil prices edged higher Wednesday after the American Petroleum Institute said U.S. crude inventories decreased much more than expected. West Texas Intermediate crude for January delivery was up $0.20 or 0.34 percent at $58.45 per barrel.
Market Analysis
Malaysia Bourse May Reverse Wednesday’s Losses
2025-12-10 23:31:06
