The Malaysia stock market on Thursday ended the modest two-day winning streak in which it had picked up more than 10 points or 0.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,410-point plateau although it's poised to tick higher again on Friday.
The global forecast for the Asian markets is mixed to higher on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished barely lower on Thursday following losses from the financials and mixed performances from the plantations and telecoms.
For the day, the index eased 1.06 points or 0.08 percent to finish ta the daily high of 1,410.98 after moving as low as 1,403.55.
Among the actives, Axiata declined 0.99 percent, while CIMB Group perked 0.19 percent, Dialog Group rallied 1.32 percent, Digi.com soared 1.88 percent, Genting jumped 1.11 percent, Genting Malaysia climbed 0.78 percent, IHH Healthcare retreated 1.02 percent, INARI surged 2.12 percent, IOI Corporation spiked 1.57 percent, Maybank dropped 0.70 percent, Maxis gained 0.25 percent, MISC eased 0.28 percent, MRDIY advanced 0.61 percent, Petronas Chemicals was up 0.15 percent, PPB Group and Sime Darby Plantations both rose 0.24 percent, Public Bank tumbled 1.25 percent, RHB Capital slid 0.36 percent, Sime Darby sank 0.46 percent, Telekom Malaysia fell 0.41 percent, Tenaga Nasional added 0.42 percent and Kuala Lumpur Kepong, Press Metal and AMMB Holdings were unchanged.
The lead from Wall Street ends up positive as the major averages opened firmly higher Thursday, faded into negative territory as the day progressed before a late rally pushed them into the green.
The Dow added 75.14 points or 0.23 percent to finish at 32,105.25, while the NASDAQ surged 117.44 points or 1.01 percent to end at 11,787.40 and the S&P 500 rose 11.75 points or 0.30 percent to close at 3,948.72.
The early rally on Wall Street came as traders continued to react to Wednesday's monetary policy announcement by the Federal Reserve, which indicated the central bank is nearing the end of its tightening cycle.
Buying interest waned over the course of the session, however, as concerns about the recent trouble in the banking sector continue to hang over the markets.
In economic news, the Labor Department noted a slight decrease by first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department said new home sales in the U.S. increased from a significantly downwardly revised level in February.
Oil prices drifted lower Thursday on concerns the interest rate hikes by several central banks could slow down economic growth and impact the outlook for energy demand. West Texas Intermediate crude oil futures for May ended lower by $0.94 or 1.3 percent at $69.96 a barrel.
Closer to home, Malaysia will release February numbers for consumer prices later today, with forecasts calling for an increase of 3.6 percent on year, easing from 3.7 percent in January.
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