Friday 29 Mar 2024
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KUALA LUMPUR (Oct 23): Malaysian shares may extend losses today, tracking overnight US markets' decline and as investors eye the impact of lower crude oil prices on equities.

Last Tuesday (Oct 21), Malaysia's FBM KLCI fell 6.92 points or 0.38% to close at 1,796.22. Yesterday (Oct 22), local markets were closed for the Deepavali holiday.

Overnight, the US' Dow Jones Industrial Average fell 0.92%, S&P 500 lost 0.73% while Nasdaq Composite dropped 0.83%.

In Malaysia, AllianceDBS Research Sdn Bhd wrote in a note that following the KLCI's close last Tuesday, the index was seen trading between 1,785 and 1,804 in the next few days.

"A crossover of 1,804 should see the market moving cautiously towards the next immediate resistance zone between 1,815 and 1,820," Alliance said.

Across Asia, Bloomberg reported that Australian stocks retreated with Korean index futures after US stocks halted a four-day rally. New Zealand’s currency dropped as inflation slowed more than estimated while crude oil extended declines.

The S&P/ASX 200 Index lost 0.3% by 10:05 a.m. in Sydney, snapping a seven-day climb, while futures on the Kospi index in Seoul dropped 0.4% in recent trading.
 
However, contracts on Japan’s Nikkei 225 Stock Average rose in Chicago. Standard & Poor’s 500 Index futures added 0.1% after the gauge fell 0.7%, following its steepest four-day gain since January last year.

 

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