Renewed Consolidation Called For Malaysia Stock Market

(RTTNews) – The Malaysia stock market bounced higher again on Tuesday, one session after snapping the three-day winning streak in which it had gathered more than 15 points or 1 percent. The Kuala Lumpur Composite Index now rests just above the 1,570-point plateau although it figures to head south again on Wednesday.

The global forecast for the Asian markets suggests consolidation on concerns for the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to open in the red.

The KLCI finished sharply higher on Tuesday following gains from the financials, telecoms, industrials and glove makers.

For the day, the index spiked 27.08 points or 1.75 percent to finish at the daily high of 1,570.10 after moving as low as 1,537.95. Volume was 3.798 billion shares worth 6.116 billion ringgit. There were 535 gainers and 395 decliners.

Among the actives, Axiata lost 0.62 percent, while CIMB Group added 1.98 percent, Dialog Group soared 5.19 percent, rallied 3.22 percent, Genting gained 1.93 percent, Genting Malaysia gathered 2.04 percent, Hartalega Holdings jumped 3.19 percent, IHH Healthcare improved 2.29 percent, INARI accelerated 4.07 percent, IOI Corporation increased 1.65 percent, Kuala Lumpur Kepong sank 0.93 percent, Maybank collected 1.34 percent, Maxis surged 5.28 percent, MISC fell 0.55 percent, MRDIY plunged 4.41 percent, Petronas Chemicals advanced 2.60 percent, Petronas Dagangan skyrocketed 7.84 percent, Press Metal perked 0.73 percent, Public Bank strengthened 3.05 percent, RHB Capital climbed 2.88 percent, Sime Darby Plantations rose 1.00 percent, Telekom Malaysia spiked 4.08 percent, Tenaga Nasional tumbled 1.08 percent, Top Glove was up 0.72 percent and PPB Group and Sime Darby were unchanged.

The lead from Wall Street is negative as the major averages opened sharply lower on Tuesday, pared some of the losses as the day progressed but still finished firmly in the red.

The Dow dropped 222.84 points or 0.67 percent to finish at 32,990.12, while the NASDAQ slipped 49.74 points or 0.41 percent to close at 12,081.39 and the S&P 500 sank 26.09 points or 0.63 percent to end at 4,132.15.

The early pressure on Wall Street emerged after Federal Reserve governor Christopher Waller was quoted as saying that he favored 50 basis point hike at every meeting until there is a substantial reduction in inflation – and treasury yields ticked higher in response.

In economic news, the Conference Board noted a modest decrease in U.S. consumer confidence in May.

Crude oil prices bounced off a hit two-month high on Tuesday and finished modestly lower on reports that OPEC may suspend Russia’s participation in an oil production deal. West Texas Intermediate Crude oil futures ended lower by $0.40 or 0.35 percent at $114.67 a barrel after rallying to $119.98 a barrel earlier in the day.

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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