Markets

Renewed Consolidation Expected For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Tuesday ended the two-day losing streak in which it had fallen almost 5 points or 0.3 percent. The Kuala Lumpur Composite Index now rests just above the 1,500-point plateau although it figures to head south again on Wednesday.

The global forecast is mostly negative on continued concerns about the resurgence of the coronavirus and the growing unlikelihood of any stimulus to counter it. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the former lead.

The KLCI finished modestly higher on Tuesday following gains from the rubber glove makers and mixed performances from the financial shares and plantations.

For the day, the index rose 5.74 points or 0.38 percent to finish at 1,500.35 after trading between 1,489.98 and 1,504.55. Volume was 4.713 billion shares worth 4.106 billion ringgit. There were 620 gainers and 374 decliners.

Among the actives, Hartalega Holdings surged 3.39 percent, Top Glove soared 2.41 percent, Malaysia Airports Holdings spiked 2.38 percent, Axiata accelerated 2.16 percent, Sime Darby Plantations plummeted 2.01 percent, Genting Malaysia rallied 1.00 percent, IHH Healthcare jumped 0.98 percent, Petronas Chemicals and Sime Darby both tumbled 0.83 percent, Tenaga Nasional skidded 0.80 percent, Digi.com climbed 0.77 percent, RHB Capital sank 0.69 percent, IOI Corporation added 0.68 percent, Kuala Lumpur Kepong dropped 0.62 percent, Maxis gained 0.61 percent, Press Metal rose 0.54 percent, MISC shed 0.44 percent, AMMB Holdings lost 0.34 percent, Genting fell 0.33 percent, Maybank slid 0.14 percent, Hong Leong Bank was down 0.13 percent, Public Bank collected 0.13 percent, PPB Group eased 0.10 percent and Dialog Group, Hap Seng Consolidated and CIMB Group were unchanged.

The lead from Wall Street is inconclusive as stocks turned in a mixed performance on Tuesday and ended on opposite sides of the unchanged line.

The Dow dropped 222.19 points or 0.80 percent to finish at 27,463.19, while the NASDAQ gained 72.41 points or 0.64 percent to end at 11,431.35 and the S&P 500 sank 10.29 points or 0.20 percent to close at 3,390.68.

The ragged trade on Wall Street came on concerns about the recent spike in coronavirus cases as well as growing uncertainty about the prospects for a new stimulus bill.

Traders were also reacting to mixed economic data, with separate reports showing a jump in durable goods orders and an unexpected dip in consumer confidence.

Crude oil prices moved higher Tuesday, lifted by reports about evacuation of over 150 offshore facilities along the U.S. Gulf Coast due to Hurricane Zeta. West Texas Intermediate Crude oil futures for December ended higher by $1.01 or 2.6 percent at $39.57 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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