Rally May Stall For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished higher in three straight sessions, gathering more than 30 points or 2 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,485-point plateau although it may be stuck in neutral on Wednesday.

The global forecast for the Asian markets is murky, with little movement expected as support from technology stocks will likely be offset by weakness from oil companies. The European and U.S. markets were mixed and little changed and the Asian bourses are tipped to follow suit.

The KLCI finished modestly higher on Tuesday following gains from the plantations and telecoms, while the financials came in mixed.

For the day, the index added 8.80 points or 0.60 percent to finish at 1,483.97 after trading between 1,476.06 and 1,485.58.

Among the actives, Axiata spiked 2.01 percent, while CIMB Group sank 0.55 percent, Dialog Group rallied 1.98 percent, Digi.com surged 2.42 percent, Genting lost 0.39 percent, Genting Malaysia gained 0.70 percent, INARI added 0.77 percent, IOI Corporation soared 2.39 percent, Kuala Lumpur Kepong strengthened 1.66 percent, Maybank collected 0.34 percent, Maxis climbed 1.51 percent, MISC improved 1.10 percent, MRDIY retreated 1.13 percent, Petronas Chemicals advanced 0.87 percent, PPB Group increased 0.80 percent, Press Metal accelerated 1.94 percent, RHB Capital rose 0.36 percent, Sime Darby Plantations jumped 1.86 percent, Telekom Malaysia gathered 0.78 percent, Tenaga Nasional perked 0.20 percent and IHH Healthcare, Public Bank, Sime Darby and Hong Leong Bank were unchanged.

The lead from Wall Street provides little clarity as the major averages went on a volatile ride Tuesday that saw them finish on opposite sides of the unchanged line.

The Dow slumped 162.12 points or 0.47 percent to finish at 34,083, while the NASDAQ advanced 70.99 points or 0.60 percent to close at 11,962.78 and the S&P 500 dipped 0.96 points or 0.02 percent to end at 4,136.33.

The volatility on Wall Street followed the release of closely watched U.S. inflation data, which could have a significant effect on the Federal Reserve's strategy regarding interest rate hikes.

The Labor Department's report showed that U.S. consumer prices increased in line with estimates in January, probably dashing hopes that the Federal Reserve might further ease the pace of its interest rate hikes.

Crude oil prices slumped on Tuesday afternoon, dropping after the release of the U.S. inflation data before coming up off daily lows. West Texas Intermediate was down $1.01 or 1.26 percent to $79.13 per barrel, coming off a low of $77.46 earlier in the day.