Malaysia Bourse Figures To Remain Rangebound

Ahead of Thursday's holiday for Vesak Day, the Malaysia stock market had finished lower in two of three trading days since the end of the four-day winning streak in which it had climbed almost 40 points or 3 percent. The Kuala Lumpur Composite Index now rests just above the 1,375-point plateau although it may see renewed support on Friday.

The global forecast for the Asian markets is upbeat on optimism over easing Covid-19 restrictions. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly lower on Wednesday following losses from the financial shares and industrials, while the plantation stocks were mixed.

For the day, the index sank down 12.62 points or 0.91 percent to finish at the daily low of 1,376.93 after peaking at 1,393.56. Volume was 5.887 billion shares worth 2.800 billion ringgit. There were 445 gainers and 441 decliners.

Among the actives, Sime Darby plummeted 3.03 percent, while Malaysia Airports Holdings plunged 2.20 percent, Hartalega Holdings tanked 2.16 percent, Public Bank tumbled 1.99 percent, Top Glove skidded 1.80 percent, Tenaga Nasional retreated 1.78 percent, Maybank declined 0.94 percent, Kuala Lumpur Kepong dropped 0.87 percent, Genting Malaysia sank 0.84 percent, IOI Corporation shed 0.76 percent, AMMB Holdings lost 0.68 percent, Digi.com fell 0.66 percent, CIMB Group slid 0.58 percent, Petronas Chemicals dipped 0.55 percent, Press Metal added 0.51 percent, MISC and Maxis both slipped 0.38 percent, Genting was down 0.24 percent, Sime Darby Plantations gained 0.21 percent, IHH Healthcare rose 0.19 percent and Petronas Dagangan, PPB Group, Dialog Group and Axiata were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Thursday, sending the tech-heavy NASDAQ into positive territory for 2020.

The Dow added 211.25 points or 0.89 percent to finish at 23,875.89, while the NASDAQ jumped 125.27 points or 1.41 percent to 8,979.66 and the S&P 500 climbed 32.77 points or 1.15 percent to end at 2,881.19.

The strength on Wall Street came amid continued optimism about the U.S. economy at least partially reopening in the near future. News that a coronavirus vaccine being developed by Moderna (MRNA) has been given FDA approval for a phase 2 trial added to the positive sentiment.

Traders were also digesting data from the Labor Department showing a continued decrease in the number of new claims for unemployment benefits. Later today, the Labor Department will release its more closely watched report on the employment situation in April.

After rising sharply on data showing a jump in China's crude imports, crude oil prices retreated and ended sharply lower on Thursday amid concerns about U.S.-China trade tensions. West Texas Intermediate Crude oil futures ended down $0.44 or 1.8 percent at $23.55 a barrel.

Closer to home, Malaysia will release March figures for industrial and manufacturing production later today; in February, they were up an annual 5.8 percent and 5.6 percent, respectively.