The Malaysian Stock Exchange is expected to end its losing streak

[ASEAN NOW Content Team]

 

The Malaysian stock market has dropped for seven days in a row, losing more than 40 points, or 2.5 percent, in the process.
Although it's overdue for support on Friday, the Kuala Lumpur Composite Index is already slightly over the 1,565-point threshold.

On the back of excellent earnings news and support from crude oil prices, the global outlook for Asian markets remains bright.
The European markets were neutral, but the stock markets in the United States were up, and the Asian markets are expected to follow the latter's lead.

 

On Thursday, the KLCI finished substantially down, with losses across the board, particularly in the glove and plantation sectors.

After peaking at 1,581.49, the index fell 16.22 points, or 1.02 percent, to finish the day at 1,566.86, down from 1,581.49.
A total of 4.049 billion shares worth 2.732 billion ringgit were traded.
There were 624 people who lost money and 422 people who made money.

 

Axiata was down 1.00 percent, CIMB Group was down 0.57 percent, Dialog Group was down 4.67 percent, Digi.com and IHH Healthcare were both down 0.46 percent, Genting was down 0.38 percent, Genting Malaysia was down 0.62 percent, Hartalega Holdings was down 1.23 percent, IOI Corporation was down 1.24 percent, Kuala Lumpur Kepong was down 2.94 percent, Maybank eased 0.25 percent, Maxis was down 0.25 percent, Sime Darby Plantations was down 1.43 percent, Telekom Malaysia was down 0.68 percent, Tenaga Nasional was down 0.52 percent, and Top Glove was down 2.63 percent.

 

The major averages opened strongly higher on Thursday and remained in the green throughout the trading day, indicating a positive lead from Wall Street.

The Dow Jones Industrial Average rose 239.79 points, or 0.68 percent, to 35,730.48, while the NASDAQ climbed 212.28 points, or 1.39 percent, to 15,448.12, and the S&P 500 rose 44.74 points, or 0.98 percent, to 4,596.42.

Stocks renewed their upward trend in recent sessions, spurred by the likes of Ford (F), Brewer Anheuser-Busch InBev (BUD), Caterpillar (CAT), and Merck (MRK), as well as a good reaction to the latest batch of earnings reports from big-name firms (MRK).