Malaysia Bourse Due For Profit Taking On Wednesday

(RTTNews) - The Malaysia stock market has tracked higher in four straight sessions, gathering more than 25 points or 1.8 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,540-point plateau although investors figure to lock in gains on Wednesday.

The global forecast for the Asian markets is mixed to lower, with support from the oil companies offsetting weakness among the technology shares. The European and U.S. markets were mixed and the Asian bourses figure to follow that lead.

The KLCI finished modestly higher on Tuesday as gains from the plantations and financials were capped by weakness among the telecoms.

For the day, the index added 8.57 points or 0.56 percent to finish at the daily high of 1,541.53 after moving as low as 1,532.29.

Among the actives, Gamuda surged 3.76 percent, while Tenaga Nasional soared 3.62 percent, Sime Darby spiked 2.42 percent, YTL Corporation accelerated 2.16 percent, Celcomdigi stumbled 2.04 percent, Maxis tanked 1.94 percent, Sunday jumped 1.91 percent, Kuala Lumpur Kepong rallied 1.84 percent, Mr. DIY strengthened 1.83 percent, YTL Power climbed 1.76 percent, QL Resources expanded 1.74 percent, Axiata advanced 1.30 percent, SD Guthrie improved 1.29 percent, RHB Bank collected 1.27 percent, Petronas Dagangan retreated 1.21 percent, Public Bank slumped 1.16 percent, Nestle Malaysia added 1.02 percent, Press Metal dropped 0.97 percent, 99 Speed Mart Retail gained 0.96 percent, Telekom Malaysia rose 0.92 percent, Petronas Gas sank 0.68 percent, Hong Leong Bank shed 0.61 percent, CIMB Group lost 0.59 percent, IOI Corporation gathered 0.53 percent, MISC fell 0.53 percent, AMMB Holdings slipped 0.39 percent, IHH Healthcare dipped 0.29 percent, Maybank perked 0.21 percent, PPB Group eased 0.19 percent and Petronas Chemicals Group was unchanged.

The lead from Wall Street provides little clarity as the major averages opened mixed on Tuesday and finished in the same fashion.

The Dow rallied 400.17 points or 0.91 percent to finish at 44,494.94, while the NASDAQ tumbled 166.85 points or 0.82 percent to end at 20,202.89 and the S&P 500 slipped 6.94 points or 0.11 percent to close at 6,198.01.

The mixed performance on Wall Street came following the strong performance seen in recent sessions, which saw the NASDAQ and the S&P 500 reach new record highs.

Traders also kept an eye on developments in Washington, D.C., where the Senate narrowly voted to approve President Donald Trump's massive tax cuts and spending bill.

On the U.S. economic front, the Institute for Supply Management noted a modest increase by its reading on U.S. manufacturing activity in June. Also, the Labor Department saw an unexpected increase by job openings in the U.S. in May.

Crude oil rose modestly on Tuesday as attention shifts to the OPEC cartel's supposed plans to increase output even as the Middle East remains uneventful. West Texas Intermediate crude for August delivery traded at $65.40 per barrel, up $0.29 or 0.45 percent.