Renewed Support Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Tuesday snapped the two-day winning streak in which it had gathered more than 20 points or 1.4 percent. The Kuala Lumpur Composite Index now rests just above the 1,440-point plateau although it's predicted to rebound again on Wednesday.

The global forecast for the Asian markets is upbeat on continued optimism over the outlook for interest rates. The European and U.S. markets finished higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely lower on Tuesday following mixed performances from the plantations and telecoms, while the financials and glove makers offered support.

For the day, the index eased 0.77 points or 0.05 percent to finish at 1,441.35 after trading between 1,433.29 and 1,447.85. Volume was 3.046 billion shares worth 1.575 billion ringgit. There were 470 decliners and 361 gainers.

Among the actives, CIMB Group climbed 1.31 percent, while Dialog Group fell 0.48 percent, Digi.com declined 1.55 percent, Genting Malaysia sank 0.73 percent, Hartalega Holdings soared 5.08 percent, INARI retreated 1.20 percent, IOI Corporation gained 0.75 percent, Kuala Lumpur Kepong advanced 0.86 percent, Maybank rose 0.24 percent, Maxis skidded 1.03 percent, MISC and Sime Darby Plantations both lost 0.69 percent, PPB Group plunged 3.36 percent, Press Metal slumped 1.14 percent, Public Bank collected 0.69 percent, RHB Capital was up 0.18 percent, Sime Darby dropped 0.90 percent, Telekom Malaysia jumped 1.87 percent, Tenaga Nasional tumbled 2.71 percent, Top Glove surged 6.96 percent and Petronas Chemicals, Petronas Dagangan, Petronas Gas, Genting, MRDIY, IHH Healthcare and Axiata were unchanged.

The lead from Wall Street is positive as the major averages accelerated Tuesday morning, faded in the afternoon but steadied going into the close.

The Dow surged 333.83 points or 1.02 percent to finish at 33,160.83, while the NASDAQ advanced 51.68 points or 0.49 percent to end at 10,616.20 and the S&P 500 gained 21.31 points or 0.56 percent to close at 3,828.11.

The higher close on Wall Street reflected recent upward momentum, with the major averages adding to the strong gains posted Monday and last Friday to further offset last week's pullback.

The continued strength also came as traders awaited the outcome of Tuesday's U.S. midterm elections, which will determine control of Congress.

The early afternoon pullback by stocks coincided with a steep drop by Bitcoin and other cryptocurrencies, which followed news Binance, the world's largest cryptocurrency exchange, reached a deal to buy competitor FTX.

Crude oil prices drifted lower on Tuesday as reports showing a surge in COVID-19 cases in China raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for December ended lower by $2.88 or 3.1 percent at $88.91 a barrel.