The Malaysian stock market has witnessed a decline for two consecutive sessions, resulting in a mere drop of 8 points or 0.5 percent. The Kuala Lumpur Composite Index currently hovers just beyond the 1,530-point threshold, and may regain momentum on Thursday.
Internationally, there seems to be a moderate increase expected in the Asian markets, bolstered by hopes for favourable interest rates. The European and U.S. markets exhibited upward trends, which are anticipated to influence the Asian region as well.
On Wednesday, the KLCI registered a nominal decrease, driven by telecom losses and inconsistent trends within the financial and plantation sectors. The index noted a 5.47 point or 0.36 percent decrease, ending up at 1,531.51 after fluctuating between 1,527.92 and 1,535.20.
Companies like AMMB Holdings and Celcomdigi saw a decline of 5.00 percent and 1.88 percent respectively. On the other hand, IOI Corporation and Petronas Chemicals saw growth, rising by 1.01 percent and 1.46 percent. Other companies showed varied performances, with the likes of Tenaga Nasional remaining stable.
The scenario in Wall Street was primarily positive, with overall increases witnessed by renowned averages. The Dow noted a 0.20 percent increase, ending at 38,661.05, while NASDAQ grew by 0.58 percent to close at 16,031.54. The S&P 500 also augmented by 0.51 percent, finishing at 5,104.76.
The turnaround was partially attributed to Federal Reserve Chair Jerome Powell's congressional testimony. He suggested that the Federal Reserve might commence interest rate reductions later this year, provided inflation consistently approaches 2 percent.
ADP's recent announcement revealed that the US private sector employment saw less growth than expected in February.
Crude oil futures closed higher Wednesday following significant reductions in gasoline and distillate inventory during the previous week. West Texas Intermediate Crude oil futures for April ended increased by $0.98 or 1.25 percent at $79.13 a barrel.
