Malaysia Bourse May Test Resistance At 1,600 Points

(RTTNews) - The Malaysia stock market on Wednesday halted the two-day slide in which it had fallen more than a dozen points or 0.8 percent. The Kuala Lumpur Composite Index now rests just above the 1,585-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat on growing optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The KLCI finished slightly higher on Wednesday following gains from the entertainment stocks, weakness from the financials and a mixed picture from the plantations.

For the day, the index rose 3.31 points or 0.21 percent to finish at 1,587.18 after trading between 1,582.46 and 1,590.51. Volume was 2.5 billion shares worth 1.7 billion ringgit. There were 548 decliners and 318 gainers.

Among the actives, Hartalega Holdings plummeted 3.64 percent, while Petronas Dagangan plunged 2.60 percent, Genting surged 2.05 percent, Malaysia Airports Holdings tumbled2.03 percent, Maxis soared 1.87 percent, Sime Darby Plantations spiked 1.59 percent, Axiata skidded 1.39 percent, Public Bank accelerated 1.23 percent, Tenaga Nasional jumped 1.19 percent, Petronas Chemicals climbed 1.13 percent, Genting Malaysia advanced 0.97 percent, Kuala Lumpur Kepong dropped 0.84 percent, RHB Capital retreated 0.52 percent, Dialog Group declined 0.50 percent, IOI Corporation sank 0.45 percent, Top Glove added 0.44 percent, Sime Darby and both shed 0.43 percent, CIMB Group lost 0.38 percent, Maybank fell 0.12 percent and IHH Healthcare and AMMB Holdings were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, extending recent gains and sending the major averages to fresh record closing highs.

The Dow added 42.32 points or 0.15 percent to 28,164.00, while the NASDAQ gained 57.24 points or 0.66 percent to 8,705.17 and the S&P 500 rose 13.11 points or 0.42 percent to 3,153.63.

The markets continued to benefit from optimism about a potential U.S.-China trade deal after both sides hinted at progress.

In economic news, the Commerce Department said durable goods orders unexpectedly rebounded in October, while GDP was also upwardly revised. Also, the Commerce Department said personal income was nearly flat in October, although personal spending rose in line with estimates.

Oil prices dipped on Wednesday after the Energy Information Administration noted an unexpected increase in crude oil inventories. Crude for January delivery fell $0.30 or 0.5 percent to $58.11 a barrel after moving higher over the two previous days.

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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