Malaysia Stock Market May Stop The Bleeding On Wednesday

(RTTNews) – The Malaysia stock market has finished lower in two straight sessions, slipping more than 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,585-point plateau although it figures to find support on Wednesday.

The global forecast for the Asian markets is positive, extending mostly solid momentum with support from the technology stocks. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely lower on Tuesday as losses from the financials were offset by support from the plantations.

For the day, the index dipped 1.35 points or 0.09 percent to finish at 1,585.81 after trading between 1,583.97 and 1,591.67. Volume was 3.090 billion shares worth 2.843 billion ringgit. There were 504 gainers and 402 decliners.

Among the actives, Axiata lost 0.26 percent, while CIMB Group retreated 0.93 percent, Genting advanced 0.90 percent, Genting Malaysia strengthened 1.06 percent, Hartalega Holdings tumbled 2.45 percent, IHH Healthcare eased 0.15 percent, INARI declined 1.90 percent, IOI Corporation surged 2.94 percent, Kuala Lumpur Kepong soared 2.88 percent, Maybank fell 0.23 percent, MRDIY and Petronas Dagangan both gained 0.57 percent, Petronas Chemicals jumped 1.91 percent, PPB Group perked 0.12 percent, Press Metal plummeted 5.67 percent, Public Bank dipped 0.22 percent, RHB Capital slumped 0.34 percent, Sime Darby added 0.88 percent, Sime Darby Plantations rallied 1.81 percent, Telekom Malaysia climbed 1.05 percent, Tenaga Nasional rose 0.32 percent and Top Glove, Maxis, MISC, Dialog Group and were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and remained solidly in the green throughout the session, erasing losses from the previous day.

The Dow spiked 254.47 points or 0.74 percent to finish at 34,807.46, while the NASDAQ surged 270.36 points or 1.95 percent to end at 14,108.82 and the S&P 500 climbed 50.43 points or 1.13 percent to close at 4,511.61.

The rebound on Wall Street came as stocks resumed the strong upward move seen last week following Monday’s brief pause in the recovery rally. The Dow had closed higher for five straight sessions before Monday’s drop, and the NASDAQ had soared more than 9 percent after hitting its lowest closing level in over a year last week.

Traders still largely shrugged off Federal Reserve Chair Jerome Powell’s comments a day earlier suggesting the central bank may raise interest rates more aggressively; a rate hike in May has already largely been priced in.

Crude oil futures ended lower Tuesday, weighed down by reports that European Union foreign ministers are split on the issue of banning Russian oil. West Texas Intermediate Crude oil futures for April settled lower by $0.36 or 0.3 percent at $111.76 a barrel on the expiration day.

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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