The Malaysia stock market experienced a slight dip over the past two sessions, with the Kuala Lumpur Composite Index dropping almost 5 points or 0.3 percent. This trend is expected to continue into the start of the week, as the global forecast for the Asian markets suggests mild consolidation. European markets were down, and the U.S. bourses were mixed, causing the Asian markets to follow suit.
Malaysia Stock Market Set to Consolidate after Two Straight Sessions of Losses
The Malaysia stock market saw a dip in the Kuala Lumpur Composite Index, with a decrease of almost 5 points or 0.3 percent. This decline occurred over the course of two sessions and may continue into Monday, as further consolidation is expected.
Global Forecast Points to Mild Consolidation in Asian Markets
The global forecast for the Asian markets suggests mild consolidation following uninspired data from the United States. The European markets experienced a decline and the U.S. bourses were mixed and little changed. As a result, the Asian markets are expected to split the difference and follow a similar trend of mild consolidation.
KLCI Ends Lower with Support from Financial Shares
The KLCI finished slightly lower after losses from the plantations and telecoms sectors were mitigated by support from the financial shares. With a decrease of 1.77 points or 0.12 percent, the index closed at 1,457.16 after trading within a range of 1,449.67 and 1,458.97.
Wall Street Closes Mixed after Volatile Day of Trading
The Wall Street market closed with mixed results, as the major averages opened lower and ended on opposite sides of the unchanged line after a day of volatility. The Dow gained 105.30 points or 0.30 percent, while the NASDAQ slumped 93.15 points or 0.68 percent, and the S&P 500 fell 4.78 points or 0.11 percent.
Crude Oil Futures Settle Higher on Strong Demand Forecast
Crude oil futures settled higher on the back of a forecast by the International Energy Agency, which predicted strong demand for oil and tightening supplies in the market. West Texas Intermediate Crude oil futures for September closed higher at $83.19 a barrel, up $0.37.
Overall, the Malaysia stock market is likely to see continued consolidation after two straight sessions of losses. The global forecast for the Asian markets suggests a similar trend of mild consolidation, following uninspired data from the United States. Additionally, the KLCI ended slightly lower, though financial shares provided some support. Wall Street closed with mixed results, and crude oil futures settled higher on a positive demand forecast.
Analyst comment
Positive news: Crude oil futures settle higher on strong demand forecast. Analyst prediction: Malaysia stock market will continue to consolidate, following global trend of mild consolidation.
