Malaysia Stock Market May Reverse Tuesday's Losses

RTTNews | 1064 days ago
Malaysia Stock Market May Reverse Tuesday's Losses

(RTTNews) - The Malaysia stock market on Tuesday halted the six-day winning streak in which it had gathered more than 70 points or 5.1 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,445-point plateau although it's likely to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat on continued optimism over falling treasury yields and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished slightly lower on Tuesday following mixed performances from the plantations, glove makers, telecoms and financials.

For the day, the index dipped 2.01 points or 0.14 percent to finish at 1,444.41 after trading between 1,441.19 and 1,454.06. Volume was 2.262 billion shares worth 1.763 billion ringgit. There were 445 decliners and 420 gainers.

Among the actives, Axiata surged 5.38 percent, while CIMB Group advanced 1.08 percent, Dialog Group lost 0.55 percent, Digi.com jumped 1.40 percent, Genting shed 0.68 percent, Genting Malaysia soared 2.29 percent, Hartalega Holdings spiked 1.65 percent, IOI Corporation sank 0.76 percent, Kuala Lumpur Kepong fell 0.19 percent, Maybank collected 0.23 percent, Maxis added 0.56 percent, MISC gained 0.42 percent, MRDIY skidded 1.00 percent, Petronas Chemicals tumbled 1.78 percent, PPB Group retreated 1.19 percent, Public Bank slumped 1.11 percent, RHB Capital declined 1.22 percent, Telekom Malaysia climbed 1.12 percent, Tenaga Nasional dropped 0.96 percent, Top Glove plummeted 2.05 percent and Sime Darby, Sime Darby Plantations, IHH Healthcare, INARI and Press Metal were unchanged.

The lead from Wall Street is solid for the third straight session as the major averages opened higher and picked up steam as the day progressed, ending near session highs.

For the day, the index spiked 337.12 points or 1.07 percent to finish at 31,836.74, while the NASDAQ surged 246.50 points or 2.25 percent to close at 11,199.12 and the S&P 500 jumped 61.77 points or 1.63 percent to end at 3,859.11.

The extended rally on Wall Street came amid a sharp pullback by treasury yields, with the yield on the benchmark 10-year note showing a steep drop after ending the previous session at a 14-year closing high.

The pullback by treasury yields came as traders continue to express optimism the Federal Reserve will signal a slower pace of interest rate hikes following its meeting next week.

The markets also benefited from a positive reaction to the latest earnings news, with General Motors (GM) and Coca-Cola (KO) posting strong gains after reporting better than expected third quarter earnings.

Crude oil futures settled higher Tuesday, buoyed by a weaker dollar and concerns about supply after Saudi Arabia's energy minister commented that energy stocks were being used as a mechanism to manipulate markets. West Texas Intermediate Crude futures for December ended higher by $0.74 or 0.9 percent at $85.32 a barrel.

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