Malaysia Stock Market Due For Consolidation

(RTTNews) - The Malaysia stock market has tracked higher in five straight sessions, advancing more than 35 points or 2.2 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,500-point plateau although investors may lock in gains on Wednesday.

The global forecast for the Asian markets is negative amid concerns about the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets are expected to split the difference.

The KLCI finished slightly higher again on Tuesday following gains from the financials and telecoms.

For the day, the index perked 3.13 points or 0.21 percent to finish at 1,498.83 after trading between 1,496.84 and 1,503.93.

Among the actives, Axiata sank 0.79 percent, while Celcomdigi soared 1.19 percent, CIMB Group gained 0.33 percent, Genting Malaysia added 0.35 percent, Maxis rallied 0.78 percent, Maybank and YTL Corporation both advanced 0.44 percent, MISC fell 0.27 percent, MRDIY shed 0.68 percent, Petronas Chemicals tumbled 1.66 percent, PPB Group rose 0.28 percent, Press Metal slumped 1.02 percent, Public Bank collected 0.69 percent, RHB Capital climbed 0.73 percent, Sime Darby surged 1.26 percent, Sime Darby Plantations perked 0.23 percent, Telekom Malaysia spiked 1.06 percent, Tenaga Nasional was up 0.19 percent, YTL Power stumbled 1.16 percent and IOI Corporation, Kuala Lumpur Kepong and Genting were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and largely stayed under water, although the NASDAQ managed to break barely into the green.

The Dow shed 157.85 points or 0.42 percent to finish at 37,525.16, while the NASDAQ rose 13.94 points or 0.09 percent to close at 14,857.71 and the S&P 500 slipped 7.04 points or 0.15 percent to end at 4,756.50.

The early weakness on Wall Street came as some traders looked to cash in on Monday's strong gains amid lingering uncertainty about the outlook for interest rates.

While the Federal Reserve is widely expected to leave interest rates unchanged later this month, traders have recently become increasingly skeptical about whether the central bank will cut rates in March.

In economic news, the Commerce Department released a report showing the U.S. trade deficit unexpectedly shrank in November.

Oil prices climbed higher on Tuesday as rising geopolitical risks raised concerns about possible supply and trade disruptions. West Texas Intermediate Crude oil futures for February settled higher by $1.47 at $72.24 a barrel.