Markets

Malaysia Stock Market May Halt Losing Streak On Wednesday

(RTTNews) - The Malaysia stock market has finished lower in five straight sessions, sinking almost 25 points or 1.5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,585-point plateau although it may finally stop the bleeding on Wednesday.

The global forecast for the Asian markets is positive on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished slightly lower on Tuesday following losses from the glove makers and a mixed picture from the financial shares.

For the day, the index dipped 3.74 points or 0.24 percent to finish at 1,584.20 after trading between 1,583.07 and 1,589.11. Volume was 3.827 billion shares worth 2.374 billion ringgit. There were 589 decliners and 419 gainers.

Among the actives, Axiata spiked 1.76 percent, while CIMB Group rose 0.19 percent, Dialog Group jumped 1.01 percent, Digi.com climbed 0.69 percent, Genting dropped 0.39 percent, Hartalega Holdings plummeted 4.90 percent, Kuala Lumpur Kepong plunged 1.50 percent, Maybank shed 0.37 percent, MISC tumbled 1.41 percent, MRDIY surged 3.00 percent, Petronas Chemicals fell 0.23 percent, PPB Group sank 0.43 percent, Press Metal skidded 0.69 percent, Public Bank lost 0.24 percent, Sime Darby advanced 0.44 percent, Telekom Malaysia added 0.34 percent, Tenaga Nasional retreated 0.51 percent, Top Glove tanked 1.45 percent and Sime Darby Plantations, Maxis, RHB Capital, IHH Healthcare, IOI Corporation and Genting Malaysia were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened solidly higher on Tuesday but faded as the day progressed, finishing only with slight gains.

The Dow added 15.73 points or 0.04 percent to finish at 35,756.88, while the NASDAQ rose 9.01 points or 0.06 percent to close at 15,235.71 and the S&P 500 gained 8.31 points or 0.18 percent to end at 4,574.79.

The early strength on Wall Street reflected a positive reaction to the latest batch of earnings news from several big-name companies such as UPS (UPS) and General Electric (GE).

Positive sentiment may also have been generated in reaction to a report from the Commerce Department showing new home sales in the U.S. skyrocketed in September. A separate report from the Conference Board showed consumer confidence reversed a three-month downward trend in October amid easing concerns about the Delta variant of the coronavirus.

Crude oil futures settled higher Tuesday, recovering from early losses amid increasing signs of a supply shortage and higher demand for oil. West Texas Intermediate Crude oil futures for December ended higher by $0.89 or 1.1 percent at $84.65 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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