The Malaysian stock market turned right back to the downside again on Wednesday, one day after it had halted the two-day losing streak in which it had fallen more than 6 points or 0.4 percent. The Kuala Lumpur Composite Index finished just below the 1,560-point plateau, and now investors are bracing for continued weakness when the market kicks off trade on Thursday.
The global forecast for the Asian markets is broadly negative thanks to debt concerns in Europe and debt limit woes in the United States. Financials figure to see heavy selling pressure, as do the technology stocks. The European and U.S. markets finished sharply lower, and the Asian markets are expected to open in similar fashion.
The KLCI finished slightly lower on Wednesday as losses from the financial shares and industrial issues were offset by gains from the plantation stocks.
For the day, the index eased 3.60 points or 0.23 percent to finish at 1,558.17 after trading between 1,557.26 and 1,565. Volume was 1.05 billion shares worth 1.7 billion ringgit. There were 383 gainers and 320 decliners, with 343 stocks finishing unchanged.
Among the actives, Sarawak Consolidated, Petronas Gas, United Plantations, Axiata, Telekom, Kuala Lumpur Kepong and Kulim all finished higher, while Maybank, CIMB Group, Petronas Chemicals and Sime Darby all ended lower.
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