Malaysia Bourse Overdue For Support On Wednesday

(RTTNews) - The Malaysia stock market has moved lower in six straight sessions, slipping more than 30 points or 2.1 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,500-point plateau and it's expected to open to the upside on Wednesday.

The global forecast for the Asian markets is upbeat on optimism over the outlook for tariffs and the economy. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The KLCI finished modestly lower again on Tuesday as losses from the financials and industrials were offset by support from the plantations and telecoms.

For the day, the index fell 5.10 points or 0.34 percent to finish at 1,503.25 after trading between 1,497.42 and 1,514.12.

Among the actives, 99 Speed Mart Retail shed 0.48 percent, while Axiata skidded 0.98 percent, Celcomdigi rallied 1.61 percent, CIMB Group declined 1.15 percent, Gamuda was up 0.44 percent, IHH Healthcare tanked 2.17 percent, IOI Corporation improved 0.83 percent, Kuala Lumpur Kepong added 0.82 percent, Maxis advanced 0.85 percent, Maybank fell 0.20 percent, MISC perked 0.40 percent, MRDIY gathered 0.63 percent, Petronas Chemicals plummeted 4.09 percent, Petronas Dagangan climbed 1.52 percent, Petronas Gas and RHB Bank both increased 0.78 percent, PPB Group dropped 0.89 percent, Press Metal stumbled 1.79 percent, Public Bank sank 0.70 percent, QL Resources plunged 2.22 percent, Sime Darby jumped 1.76 percent, SD Guthrie rose 0.67 percent, Sunway retreated 1.47 percent, Telekom Malaysia gained 0.77 percent, Tenaga Nasional lost 0.29 percent, YTL Corporation slumped 1.10 percent and YTL Power, Nestle Malaysia and Hong Leong Bank were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Tuesday, climbing steadily higher to end near session highs.

The Dow rallied 214.16 points or 0.51 percent to finish at 42,519.64, while the NASDAQ jumped 156.34 points or 0.81 percent to close at 19,398.96 and the S&P 500 added 34.43 points or 0.58 percent to end at 5,970.37.

The continued strength on Wall Street came following the release of a Labor Department report showing an unexpected increase by job openings in the U.S. in the month of April.

Meanwhile, traders continued to await further developments on the trade front a month ahead of the expiration of President Donald Trump's 90-day tariff pause.

While tensions between the U.S. and China have seemingly risen in recent days, traders appear to remain generally optimistic about trade deals being reached.

The price of crude oil showed another strong move to the upside during trading on Tuesday amid ongoing concerns about supply due to escalating geopolitical tensions and stuttering U.S.-Iran nuclear talks. West Texas Intermediate crude for July delivery jumped $0.89 or 1.4 percent to $63.41 a barrel.