Malaysia Stock Market Tipped To End Losing Streak

(RTTNews) – The Malaysia stock market has finished lower in back-to-back trading days, slipping almost 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,585-point plateau although it’s expected to stop the bleeding on Wednesday.

The global forecast for the Asian markets is broadly positive on hopes for a cease fire between Russia and Ukraine. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KLCI finished modestly lower on Tuesday following losses from the financials, plantations, glove makers and telecoms.

For the day, the index dropped 14.53 points or 0.91 percent to finish at 1,583.42 after trading between 1,579.27 and 1,598.21. Volume was 2.610 billion shares worth 1.971 billion ringgit. There were 550 decliners and 358 gainers.

Among the actives, Axiata skidded 1.32 percent, while CIMB Group eased 0.19 percent, Dialog Group tumbled 2.17 percent, retreated 1.50 percent, Genting and Tenaga Nasional both weakened 1.07 percent, Genting Malaysia stumbled 1.34 percent, Hartalega Holdings slid 0.63 percent, IHH Healthcare plunged 2.34 percent, INARI tanked 2.24 percent, IOI Corporation added 0.24 percent, Kuala Lumpur Kepong dipped 0.47 percent, Maybank fell 0.67 percent, Maxis lost 0.75 percent, MRDIY was down 0.29 percent, Petronas Chemicals declined 2.04 percent, PPB Group dropped 0.82 percent, Press Metal jumped 1.81 percent, Public Bank sank 0.86 percent, RHB Capital slipped 0.50 percent, Sime Darby plummeted 3.61 percent, Sime Darby Plantations shed 0.79 percent, Telekom Malaysia slumped 1.04 percent, Top Glove surrendered 2.12 percent and MISC was unchanged.

The lead from Wall Street is solid as the major averages opened firmly higher on Tuesday and stayed that way throughout the session.

The Dow surged 338.30 points or 0.97 percent to finish at 35,294.19, while the NASDAQ soared 264.73 points or 1.84 percent to end at 14,619.64 and the S&P 500 climbed 56.08 points or 1.23 percent to close at 4,631.08.

Reports about encouraging progress in a cease-fire talks between Russia and Ukraine in Turkey helped lift investor sentiment on Wall Street.

In economic news, the Labor Department said the number of job openings in the United States was little changed in February, while the S&P CoreLogic Case-Shiller 20-city home price index rose 19.1 percent in January. And the Conference Board showed an unexpected improvement in U.S. consumer confidence in March.

Crude oil prices dropped on Tuesday amid easing worries about global crude supply after positive reports of the peace talks. West Texas Intermediate crude futures for May ended down by $1.72 or 1.6 percent at $104.24 a barrel.

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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