Malaysia Bourse Expected To Remain Rangebound

(RTTNews) - The Malaysia stock market inched higher again on Tuesday, one day after ending the modest two-day winning streak in which it had collected almost 7 points or 0.5 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,540-point plateau although it may see mild selling pressure on Wednesday.

The global forecast for the Asian markets is mixed to lower, with technology and oil companies expected to be under pressure. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KLCI finished barely higher on Tuesday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index perked 0.88 points or 0.06 percent to finish at 1,538.42 after trading between 1,532.07 and 1,540.51.

Among the actives, Axiata dropped 0.71 percent, while Celcomdigi gained 0.47 percent, Genting sank 0.42 percent, Genting Malaysia slumped 0.72 percent, IHH Healthcare jumped 1.26 percent, IOI Corporation strengthened 1.01 percent, Kuala Lumpur Kepong fell 0.27 percent, Maxis retreated 2.02 percent, Maybank and AMMB Holdings both advanced 0.73 percent, MISC spiked 1.58 percent, Petronas Chemicals climbed 0.74 percent, PPB Group declined 1.52 percent, Press Metal added 0.65 percent, Public Bank collected 0.24 percent, RHB Capital rose 0.36 percent, Sime Darby lost 0.38 percent, Sime Darby Plantations rallied 0.92 percent, Telekom Malaysia and Tenaga Nasional both eased 0.17 percent, YTL Corporation tumbled 2.64 percent, YTL Power plunged 2.85 percent and CIMB Group, MRDIY, QL Resources and Hong Leong Bank were unchanged.

The lead from Wall Street ends up negative as the major averages opened higher on Tuesday and spent most of the session in the green before a late slump sent them all under water at the close.

The Dow shed 31.31 points or 0.08 percent to finish at 39,282.33, while the NASDAQ lost 68.80 points or 0.42 percent to close at 16,315.70 and the S&P 500 fell 14.61 points or 0.28 percent to end at 5,203.58.

The late-day weakness on Wall Street may have reflected concerns about the economic impact of the indefinite suspension of vessel traffic into and out of the Port of Baltimore.

Vessel traffic was suspended after a cargo ship crashed into a pillar of the Francis Scott Key Bridge early Tuesday morning, leading to the bridge's collapse.

In economic news, the Commerce Department reported an increase in new orders for U.S. manufactured durable goods in February. Also, the Conference Board noted a slight deterioration in U.S. consumer confidence in March.

Crude oil futures settled lower on Tuesday with traders assessing oil demand and supply positions amid the tensions in the Middle East. West Texas Intermediate Crude oil futures for May ended lower by $0.33 at $81.62 a barrel.