Malaysia Stock Market Expected To Be Rangebound On Tuesday

RTTNews | 815 days ago
Malaysia Stock Market Expected To Be Rangebound On Tuesday

(RTTNews) - The Malaysia stock market turned barely lower again on Monday, one session after ending the two-day slide in which it had slipped not even 2 points or 0.2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,435-point plateau and it's likely to remain in that neighborhood again on Tuesday.

The global forecast for the Asian markets suggests mild upside with earnings optimism offset by interest rate jitters. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The KLCI finished slightly lower on Monday following weakness from the plantations and mixed performances from the financials and telecoms.

For the day, the index eased 0.23 points or 0.02 percent to finish at 1,434.90 after trading between 1,429.43 and 1,436.04.

Among the actives, Axiata and Tenaga Nasional both fell 0.33 percent, while CIMB Group improved 0.57 percent, Dialog Group declined 1.25 percent, Digi.com added 0.46 percent, Genting skidded 0.85 percent, Genting Malaysia lost 0.38 percent, IHH Healthcare jumped 1.20 percent, INARI tumbled 1.67 percent, IOI Corporation dropped 0.52 percent, Kuala Lumpur Kepong and Sime Darby both shed 0.46 percent, Maxis surged 2.15 percent, Maybank eased 0.11 percent, MISC rose 0.28 percent, MRDIY advanced 0.62 percent, PPB Group climbed 0.73 percent, Public Bank sank 0.50 percent, RHB Capital rallied 1.09 percent, Sime Darby Plantations retreated 1.41 percent, Telekom Malaysia slumped 0.99 percent and Petronas Chemicals, Press Metal and QL Resources were unchanged.

The lead from Wall Street ends up positive as the major averages opened higher on Monday, slipped into the red midday but bounced back into positive territory heading into the close.

The Dow climbed 100.71 points or 0.30 percent to finish at 33,987.18, while the NASDAQ added 34.26 points or 0.28 percent to close at 12,157.72 and the S&P 500 rose 13.68 points or 0.33 percent to end at 4,151.32.

Uncertainty about the outlook for interest rates seemed to spook investors after Federal Reserve Bank of Richmond President Thomas Barkin said that he wants to see more evidence of inflation settling back to target before calling interest rate hikes finished.

But he added that he feels reassured by what he is seeing in the banking sector in terms of stability after a couple of solvency issues by individual banks last month.

In economic news, the National Association of Home Builders said the NAHB/Wells Fargo Housing Market Index in the U.S. increased to 45 in April, rising for a fourth month in a row.

Crude oil prices drifted lower on Monday amid concerns about the outlook for energy demand, while uncertainty about interest rate hikes and the dollar's rise against other currencies also weighed. West Texas Intermediate crude oil futures for May sank $1.69 or 2.1 percent at $80.83 a barrel.

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