Malaysia Bourse Predicted To Remain Rangebound

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day losing streak in which it had fallen more than 15 points or 1 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,570-point plateau and it's likely to bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on rising oil prices and continued optimism for a coronavirus treatment. The European and U.S. markets were up and now the Asian bourses figure to open in similar fashion.

The KLCI finished modestly lower on Monday following losses from the financial shares, glove makers and entertainment stocks.

For the day, the index sank 8.54 points or 0.54 percent to finish at 1,568.58 after trading between 1,567.10 and 1,581.27. Volume was 9.949 billion shares worth 5.769 billion ringgit. There were 645 gainers and 504 decliners.

Among the actives, Petronas Chemicals plummeted 3.25 percent, while IHH Healthcare plunged 3.05 percent, Malaysia Airports Holdings tanked 2.09 percent, Public Bank tumbled 1.85 percent, Hartalega Holdings skidded 1.35 percent, MISC spiked 1.28 percent, IOI Corporation jumped 1.12 percent, Sime Darby advanced 0.93 percent, Maybank retreated 0.93 percent, CIMB Group declined 0.87 percent, Genting surrendered 0.84 percent, Axiata added 0.65 percent, Maxis gained 0.60 percent, rose 0.48 percent, Genting Malaysia dropped 0.45 percent, RHB Capital sank 0.42 percent, PPB Group increased 0.41 percent, Top Glove shed 0.36 percent, AMMB Holdings lost 0.34 percent, Dialog Group fell 0.27 percent, Press Metal slid0.20 percent and Sime Darby Plantations, Tenaga Nasional and Kuala Lumpur Kepong were unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Monday and remained firmly in the green throughout the session, sending the NASDAQ and the S&P 500 to fresh record closing highs.

The Dow jumped 378.13 points or 1.35 percent to finish at 28,308.46, while the NASDAQ advanced 67.92 points or 0.60 percent to end at 11,379.72 and the S&P 500 advanced 34.12 points or 1.00 percent to close at 3,431.28.

The strength on Wall Street came following upbeat news on the coronavirus front after the Food and Drug issued an emergency authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

Adding to the positive sentiment, a report from the Financial Times said the Trump administration is considering fast-tracking an experimental coronavirus vaccine from the U.K. for use in America ahead of the presidential election.

Oil prices jumped on Monday as the threat of hurricanes in the Caribbean and the Gulf of Mexico brought oil production to a halt. West Texas Intermediate (WTI) crude futures were up 31 cents or 0.72 percent at $42.58 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.

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