Little Movement Seen For Malaysia Stock Market

(RTTNews) – The Malaysia stock market on Tuesday wrote a finish to the three-day losing streak in which it had tumbled more than 50 points or 3.3 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,555-point plateau and it’s likely to remain in that neighborhood again on Wednesday.

The global forecast for the Asian markets is mostly higher, with bargain hunting limited by concerns about economic growth and interest rates. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Tuesday as losses from the plantations were offset by gains from the telecoms and mixed performances from the financials and glove makers.

For the day, the index added 5.40 points or 0.35 percent to finish at 1,554.58 after trading between 1,548.73 and 1,559.04. Volume was 2.753 billion shares worth 2.258 billion ringgit. There were 640 decliners and 331 gainers.

Among the actives, Axiata accelerated 2.68 percent, while CIMB Group lost 0.39 percent, Dialog Group added 0.83 percent, spiked 3.18 percent, Genting eased 0.22 percent, Genting Malaysia tumbled 1.95 percent, Hartalega Holdings advanced 1.40 percent, IHH Healthcare improved 1.10 percent, Kuala Lumpur Kepong retreated 1.83 percent, Maxis soared 3.25 percent, MISC fell 0.26 percent, MRDIY slumped 0.85 percent, Petronas Chemicals declined 1.10 percent, PPB Group climbed 1.71 percent, Press Metal plummeted 3.85 percent, Public Bank jumped 1.75 percent, RHB Capital rose 0.17 percent, Sime Darby strengthened 3.04 percent, Sime Darby Plantations shed 0.41 percent, Telekom Malaysia surged 3.32 percent, Tenaga Nasional gained 0.67 percent, Top Glove tanked 1.90 percent and Petronas Gas, INARI, IOI Corporation, Maybank and Hong Leong Bank were unchanged.

The lead from Wall Street is murky as the major averages spent most of Tuesday bouncing back and forth across the unchanged line before finally settling on opposite sides.

The Dow shed 84.96 points or 0.26 percent to finish at 32,160.74, while the NASDAQ jumped 114.42 points or 0.98 percent to end at 11,737.67 and the S&P 500 added 9.81 points or 0.25 percent to close at 4,001.05.

The volatility came as traders continued to debate whether the markets have reached their bottom following the recent sell-off.

Bargain hunting contributed to early strength on Wall Street as some traders looked to pick up stocks at reduced levels. Buying interest waned over the course of the morning, however, as traders were wary about inflation, higher interest rates and the outlook for the global economy.

Stocks continued to fluctuate over the course of the session as traders looked ahead to the release of key inflation data in the coming days. The latest snapshot of inflation could impact expectations regarding how aggressively the Federal Reserve plans to raise interest rates.

Crude oil prices fell sharply on Tuesday, extending losses from the previous session amid concerns over a likely drop in energy demand. A stronger dollar weighed as well on oil prices. West Texas Intermediate Crude oil futures for June ended lower by $3.33 or 3.2 percent at $99.76 a barrel, a two-week low.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Jinggo B Danuarta

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