Markets

Malaysia Stock Market May Spin Its Wheels On Wednesday

(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, gathering more than a dozen points or 0.8 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,585-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets roughly flat, with optimism for economic recovery offset by inflation concerns. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.

The KLCI finished slightly higher on Tuesday as gains from the financials and entertainment stocks were offset by weakness from the plantations and glove makers.

For the day, the index rose 2.35 points or 0.15 percent to finish at 1,585.90 after trading between 1,580.10 and 1,588.30. Volume was 8.978 billion shares worth 5.127 billion ringgit. There were 587 gainers and 525 decliners.

Among the actives, Axiata and PPB Group both climbed 0.54 percent, while CIMB Group surged 3.97 percent, Dialog Group jumped 0.69 percent, Digi.com sank 0.70 percent, Genting soared 3.89 percent, Genting Malaysia spiked 3.58 percent, Hartalega Holdings retreated 1.00 percent, IHH Healthcare accelerated 1.70 percent, IOI Corporation tumbled 1.22 percent, Kuala Lumpur Kepong dropped 0.63 percent, Maybank collected 0.24 percent, Maxis shed 0.43 percent, MISC advanced 0.44 percent, Press Metal fell 0.19 percent, Sime Darby declined 0.87 percent, Sime Darby Plantations skidded 1.10 percent, Supermax plummeted 2.42 percent, Telekom Malaysia tanked 1.30 percent, Tenaga Nasional eased 0.10 percent, Top Glove plunged 1.74 percent and Petronas Chemicals, Petronas Gas, Public Bank and RHB Capital were unchanged.

The lead from Wall Street offers little guidance as stocks opened higher on Tuesday but quickly faded, bouncing back and forth across the unchanged line before finishing mixed and little changed.

The Dow added 45.86 points or 0.13 percent to finish at 34,575.31, while the NASDAQ fell 12.26 points or 0.09 percent to end at 13,736.48 and the S&) 500 eased 2.07 points or 0.05 percent to close at 4,202.04.

The initial strength on Wall Street came as upbeat manufacturing data from overseas added to optimism about the outlook for the global economy. Also, the Institute for Supply Management said manufacturing activity in the U.S. expanded at a slightly faster pace in May.

Buying interest waned shortly after the start of trading, however, as traders continued to express uncertainty about inflation and the outlook for monetary policy.

Traders may also have been reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report on Friday.

Crude oil prices rose sharply on Tuesday amid optimism for a strong global economic recovery and increased demand following a drop in fresh coronavirus cases and an acceleration in the vaccination drive. West Texas Intermediate Crude oil futures for July jumped $1.40 or 2.1 percent at $67.72 a barrel, the highest since October 2018.

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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