Markets

Additional Support Anticipated For Malaysia Bourse

(RTTNews) - The Malaysia stock market on Tuesday snapped the two-day slide in which it had stumbled more than 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just above the 1,575-point plateau and it's expected to open higher again on Wednesday.

The global forecast for the Asian markets is upbeat on rising oil prices and hopes for stimulus in the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Tuesday following gains from the financials and a mixed performance from the plantation stocks.

For the day, the index rose 3.33 points or 0.21 percent to finish at 1,575.94 after trading between 1,549.62 and 1,580.87. Volume was 15.6 billion shares worth 10.4 billion ringgit. There were 608 gainers and 514 decliners.

Among the actives, Top Glove surged 5.51 percent, while Hartalega Holdings plummeted 2.73 percent, Dialog Group soared 1.94 percent, Genting spiked 1.91 percent, PPB Group accelerated 1.62 percent, Maxis plunged 1.54 percent, Tenaga Nasional tanked 1.44 percent, Petronas Chemicals tumbled 1.36 percent, IHH Healthcare skidded 1.30 percent, IOI Corporation retreated 1.11 percent, Axiata jumped 0.97 percent, Public Bank collected 0.85 percent, Press Metal declined 0.84 percent, Malaysia Airports Holdings surrendered 0.80 percent, Digi.com sank 0.48 percent, Sime Darby advanced 0.48 percent, Genting Malaysia added 0.45 percent, MISC shed 0.25 percent, Sime Darby Plantations lost 0.20 percent, Kuala Lumpur Kepong rose 0.09 percent and Hong Leong Financial, RHB Capital, CIMB Group, Maybank and AMMB Holdings were unchanged.

The lead from Wall Street is positive as stocks showed a lack of direction Tuesday but managed to end the day mostly higher following a late move to the upside.

The Dow added 164.07 points or 0.62 percent to finish at 26,828.47, while the NASDAQ gained 38.37 points or 0.35 percent to end at 10,941.17 and the S&P 500 rose 11.90 points or 0.36 percent to close at 3,306.51.

The late-day strength on Wall Street reflected a positive reaction to comments from Senate Majority Leader Mitch McConnell, R-Ken.

McConnell told reports he is prepared to support a coronavirus relief bill agreement between Democrats and the White House even is he has some problems with certain parts of it.

The amount of the federal unemployment benefit remains a key sticking point, as Republicans want to slash the benefit to $200 per week and Democrats want to keep it at $600 per week.

In economic news, the Commerce Department noted another substantial increase in new orders for manufactured goods in June.

Crude oil futures settled notably higher Tuesday, with traders picking up positions ahead of inventory data on hopes of a drop in stockpiles. West Texas Intermediate Crude oil futures for September settled at $41.70 a barrel, gaining $0.69 or 1.7 percent for the session.

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

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