Malaysia Bourse Likely Rangebound On Thursday

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(RTTNews.com) - The Malaysia stock market on Wednesday snapped the two-day winning streak in which it had added more than a dozen points or 0.6 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,880-point plateau and it's likely to hold steady in that neighborhood again on Thursday.

The global forecast for the Asian markets is mixed and flat, with mild upside offered by a bump in crude oil prices. The European markets were up and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference.

The KLCI finished barely lower on Wednesday following losses from the telecoms and industrials, while the financials were mixed.

For the day, the index eased 1.17 points or 0.06 percent to finish at 1,879.32 after trading between 1,873.11 and 1,884.84. Volume was 2.33 billion shares worth 1.97 billion ringgit. There were 617 decliners and 285 gainers.

Among the actives, IJM Corporation surged 4.46 percent, while Telekom Malaysia tumbled 1.82 percent, Digi.com dropped 1.51 percent, Genting Malaysia jumped 0.98 percent, Genting climbed 0.78 percent, Petronas Chemicals shed 0.71 percent, Sime Darby added 0.36 percent, Maybank dipped 0.19 percent, IHH Healthcare and Kuala Lumpur Kepong both eased 0.16 percent, Tenaga Nasional fell 0.13 percent and MISC, CIMB Group and Astro Malaysia Holdings were unchanged.

The lead from Wall Street offers little clarity as stocks were lackluster on Wednesday, fluctuating as the day progressed before ending mixed.

The Dow dipped 38.56 points or 0.16 percent to 24.748.07, while the NASDAQ rose 14.14 points or 0.19 percent to 7,295.24 and the S&P added 2.25 points or 0.08 percent to 2,708.64.

The choppy trading came amid mixed quarterly results from several big-name companies. While United Continental (UAL) and CSX Corp. (CSX) moved higher after beating the street, IBM Corp. (IBM) fell after providing disappointing full-year earnings guidance.

In economic news, the Federal Reserve released its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts. The Beige Book said economic activity continued to expand at a modest to moderate pace across the twelve districts in March and early April.

Crude oil futures continued to rise Wednesday, surging to their highest since December 2014 after U.S. oil inventories dwindled. May WTI oil climbed $1.95 or 2.9 percent to settle at $68.47/bbl.

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This article appears in: World Markets , US Markets , Stocks

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