The Malaysian stock market has experienced a decline over the past two sessions, dropping nearly 30 points or 1.9% overall. Currently, the Kuala Lumpur Composite Index (KLCI) is positioned slightly above the 1,600 mark, with expectations for a rebound on Friday.
Globally, the outlook for Asian markets remains uncertain. The U.S. markets were closed on Thursday, while European markets remained relatively stable with a slight upward trend. It is anticipated that Asian markets will follow this trajectory.
On Thursday, the KLCI saw a moderate decrease, primarily due to significant losses in the industrial sector and varied performances among financials, plantations, and telecom groups. The index fell by 14.02 points or 0.87%, concluding at 1,600.81, following a trading range between 1,600.75 and 1,618.17.
Key stocks showed mixed movements: 99 Speed Mart Retail declined by 0.85%, Axiata decreased by 0.43%, while Celcomdigi increased by 1.39%, and CIMB Group experienced a gain of 0.25%. Conversely, Gamuda dropped significantly by 3.85%, IHH Healthcare fell by 2.22%, and other notable adjustments included IOI Corporation down by 0.26%, Kuala Lumpur Kepong slight dip of 0.19%, with rises for Maxis at 1.40%, and Maybank up by 0.20%. MISC slid by 1.11%, MRDIY shed 0.55%, Petronas Chemicals decreased by 0.84%, and PPB Group climbed 0.49%. Press Metal fell by 2.30%, QL Resources, Public Bank, and Hong Leong Financial each slipped 0.22%. RHB Bank slumped 1.24%, Sime Darby decreased by 2.18%, while SD Guthrie edged higher by 0.41%. Sunway retracted by 1.49%, both Telekom Malaysia and Petronas Dagangan advanced 0.31%, Tenaga Nasional declined by 1.40%, YTL Corporation dipped sharply by 8.21%, YTL Power experienced a drop of 6.87%, whereas Nestle Malaysia remained unchanged.
There was no influence from the U.S. as their financial markets were closed on Thursday in commemoration of former President Jimmy Carter, who passed away in late December at the age of 100.
Investors are eagerly awaiting the release of the Labor Department's highly anticipated monthly jobs report later today, as it may provide further insights into the condition of the labor market.
Oil prices rose on Thursday amidst optimism regarding global demand and potential supply constraints due to sanctions on Iranian and Russian crude exports. West Texas Intermediate Crude oil futures for February closed at $73.92 per barrel, up by $0.60 or 0.82%.
Domestically, Malaysia is set to release its November figures for industrial production and unemployment later today. In October, production increased by 2.1% year-over-year, and the unemployment rate stood at 3.2%.
