The Malaysian stock market experienced a slight decline on Thursday, breaking a two-day winning streak during which it had gained nearly 10 points or 0.6%. The Kuala Lumpur Composite Index (KLCI) now sits just above the 1,670-point mark, with expectations of a rebound on Friday.
Globally, the forecast for Asian markets remains positive, supported by continued optimism regarding interest rates. European and U.S. markets demonstrated upward trends, and it's anticipated that Asian markets will follow suit, though some profit-taking may occur later in the day.
On Thursday, the KLCI experienced a minor decline, influenced by losses in plantation stocks and mixed results in the financial and telecom sectors. Specifically, the index dropped 2.06 points, or 0.12%, to close at 1,671.32, oscillating between 1,666.19 and 1,672.60 throughout the trading day.
In terms of individual stock performances:
- **Axiata** climbed 1.20%
- **Genting Malaysia** rose 0.85%
- **Hong Leong Financial** surged 3.61%
- **IHH Healthcare** gained 0.14%
- **IOI Corporation** fell 1.30%
- **Kuala Lumpur Kepong** decreased 0.10%
- **Maxis** increased 1.28%
- **Maybank** declined 0.37%
- **MISC** slid 0.61%
- **MRDIY** dropped 0.92%
- **Nestle Malaysia** soared 2.54%
- **Petronas Chemicals** climbed 1.06%
- **PPB Group** dipped 0.54%
- **Press Metal** fell 0.41%
- **Public Bank** advanced 0.86%
- **QL Resources** gained 0.43%
- **Sime Darby** increased 1.24%
- **SD Guthrie** plunged 2.66%
- **Sunway** added 0.47%
- **Telekom Malaysia** declined 0.75%
- **Tenaga Nasional** slipped 0.67%
- **YTL Corporation** plummeted 3.38%
- **YTL Power** tanked 1.54%
- **Celcomdigi, CIMB Group, Genting, RHB Bank,** and **Petronas Dagangan** remained unchanged.
In the U.S., Wall Street provided a positive lead, with major indices showing gains on Thursday and maintaining an upward trajectory throughout the session. The Dow Jones Industrial Average rose 260.36 points, or 0.62%, to finish at 42,175.11. The NASDAQ Composite increased by 108.09 points, or 0.60%, closing at 18,190.29, and the S&P 500 added 23.11 points, or 0.40%, ending at 5,745.37.
The early rally on Wall Street was driven by strength in the tech sector. Notably, chipmaker Micron Technology (MU) led the gains after reporting better-than-expected quarterly results and providing robust revenue guidance for the upcoming fiscal period.
Stocks also benefitted from positive U.S. economic data. The Labor Department reported an unexpected decrease in initial jobless claims last week, while the Commerce Department indicated that new orders for U.S. manufactured durable goods remained virtually unchanged in August.
However, oil prices dropped significantly on Thursday due to concerns over excess supply. Reports indicated that OPEC plans to reintroduce 2.2 million barrels per day of production cuts back into the market. Consequently, West Texas Intermediate (WTI) crude oil futures for November fell by $2.02, or 2.9%, to settle at $67.67 a barrel.
