Rebound Anticipated For Malaysia Stock Market

(RTTNews) - Ahead of Tuesday's holiday for Thaipusam, the Malaysia stock market had ended the four-day winning streak in which it had advanced more than 35 points or 2.3 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,590-point plateau although it may bounce higher again on Wednesday.

The global forecast for the Asian markets is murky amid concerns about interest rates and the possibility of a trade war. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets may split the difference.

The KLCI finished barely lower on Monday as losses from the plantations and industrials were offset by support from the financials and telecoms.

For the day, the index dipped 0.96 points or 0.06 percent to finish at 1,589.95 after trading between 1,584.20 and 1,590.49.

Among the actives, 99 Speed Mart Retail slumped 1.29 percent, while Axiata surged 3.17 percent, Celcomdigi added 0.53 percent, CIMB Group perked 0.12 percent, Gamuda retreated 1.75 percent, IHH Healthcare fell 0.14 percent, IOI Corporation lost 0.27 percent, Kuala Lumpur Kepong and Petronas Chemicals both dropped 0.69 percent, Maxis skidded 1.14 percent, Maybank collected 0.38 percent, MISC tumbled 2.03 percent, Nestle Malaysia rose 0.33 percent, PPB Group declined 1.19 percent, QL Resources shed 0.43 percent, Sime Darby jumped 1.81 percent, SD Guthrie stumbled 2.24 percent, Sunway gained 0.44 percent, Telekom Malaysia gathered 0.30 percent, Tenaga Nasional advanced 0.73 percent, YTL Power sank 0.58 percent and Press Metal, Public Bank, YTL Corporation, RHB Bank and MRDIY were unchanged.

The lead from Wall Street provides little clarity as the major averages opened slightly lower but then headed in opposite directions to finish the day mixed.

The Dow gained 123.24 points or 0.28 percent to finish at 44,593.65, while the NASDAQ sank 70.41 points or 0.36 percent to close at 19,643.86 and the S&P 500 rose 2.06 points or 0.03 percent to end at 6,068.50.

The choppy trading on Wall Street came as traders digested congressional testimony by Federal Reserve Chair Jerome Powell, who told the Senate Banking Committee the central bank does "not need to be in a hurry" to adjust its policy stance.

Stocks moved to the downside in early trading amid lingering concerns about a global trade war after President Donald Trump officially announced tariffs on U.S. steel and aluminum imports.

Oil prices moved higher Tuesday amid concerns about a possible drop in crude supplies due to U.S. sanctions on Russian oil, while a weaker dollar contributed as well to the rise in oil prices. West Texas Intermediate Crude oil futures for March rose $1.00 or 1.4 percent at $73.32 a barrel.