Mild Rebound Tipped For Malaysia Stock Market

RTTNews | il y a 28
Mild Rebound Tipped For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Monday snapped the two-day winning streak in which it had collected almost 15 points or 1 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,525-point plateau although it may bounce higher again on Tuesday.

The global forecast for the Asian markets offers little clarity as investors wait and see what happens with tariff deadlines. The European and U.S. markets were mixed and little changed and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely lower on Monday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index dipped 1.27 points or 0.08 percent to finish at 1,524.59 after trading between 1,520.02 and 1,526.70.

Among the actives, 99 Speed Mart Retail gained 0.45 percent, while AMMB Holdings rose 0.39 percent, Axiata soared 2.37 percent, Celcomdigi retreated 1.30 percent, CIMB Group perked 0.15 percent, Gamuda tumbled 1.31 percent, IHH Healthcare improved 0.91 percent, IOI Corporation dropped 0.79 percent, Kuala Lumpur Kepong lost 0.29 percent, Maxis slumped 1.12 percent, MRDIY stumbled 1.85 percent, Nestle Malaysia skidded 0.87 percent, Petronas Dagangan added 0.66 percent, Petronas Gas sank 0.45 percent, PPB Group declined 1.25 percent, Press Metal surged 3.51 percent, Public Bank fell 0.23 percent, QL Resources gathered 0.22 percent, RHB Bank shed 0.32 percent, Sunway plummeted 3.36 percent, YTL Power advanced 0.96 percent and Maybank, MISC, Telekom Malaysia, Tenaga Nasional, YTL Corporation, Sime Darby, SD Guthrie and Petronas Chemicals were unchanged.

The lead from Wall Street is uninspired as the major averages opened solidly higher on Monday but ebbed throughout the session before ending mixed and little changed.

The Dow sank 19.12 points or 0.04 percent to finish at 44,323.07, while the NASDAQ gained 78.52 points or 0.38 percent to close at a fresh record 20,974.17 and the S&P 500 rose 8.81 points or 0.14 percent to end at 6,305.60 - also a record.

The early strength on Wall Street reflected optimism about potential trade deals, with Commerce Secretary Howard Lutnick saying he is confident the U.S. will reach an agreement with the European Union.

Buying interest waned over the course of the session, however, as traders looked ahead to the release of earnings news from several big-name companies this week, including Google parent Alphabet (GOOGL), Tesla (TSLA) and Intel (INTC).

On the U.S. economic front, a report released by the Conference Board showed its reading on leading U.S. economic indicators fell by slightly more than expected in the month of June.

Crude oil prices slipped on Monday as investors seem concerned that heavy tariffs could block international trade and reduce demand for oil and energy. West Texas Intermediate crude for August delivery dipped $0.11 to $69.17 per barrel.

Closer to home, Malaysia will see June data for consumer prices later today; in May, overall inflation was up 0.1 percent on month and 1.2 percent on year.

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