Rebound Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Tuesday snapped the four-day winning streak in which it had gathered more than 35 points or 2.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,515-point plateau although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is positive on optimism ahead of earnings season. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished modestly lower on Tuesday following losses from the plantations and telecoms, while the financial shares were mixed.

For the day, the index shed 6.03 points or 0.40 percent to finish at the daily low of 1,515.56 after peaking at 1,524.50.

Among the actives, 99 Speed Mart Retail tanked 1.79 percent, while Celcomdigi rose 0.27 percent, CIMB Group collected 0.43 percent, Gamuda fell 0.25 percent, IHH Healthcare was down 0.29 percent, IOI Corporation skidded 0.55 percent, Kuala Lumpur Kepong surrendered 1.42 percent, Maxis and QL Resources both declined 0.82 percent, Maybank shed 0.40 percent, MISC tumbled 0.95 percent, MRDIY slumped 0.61 percent, Nestle Malaysia surged 4.78 percent, Petronas Chemicals stumbled 1.14 percent, Petronas Dagangan jumped 1.16 percent, PPB Group lost 0.33 percent, Press Metal plunged 2.24 percent, Public Bank sank 0.45 percent, RHB Bank and Hong Leong Financial both stumbled 1.05 percent, Sime Darby added 0.49 percent, SD Guthrie plummeted 2.36 percent, Sunway perked 0.22 percent, Telekom Malaysia retreated 0.88 percent, Tenaga Nasional gained 0.29 percent, YTL Corporation dropped 0.53 percent and YTL Power and Axiata were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Tuesday but trended steadily upward throughout the session to finish with solid gains.

The Dow rallied 300.03 points or 0.75 percent to finish at 40,527.62, while the NASDAQ advanced 95.19 points or 0.55 percent to close at 17,461.32 and the S&P 500 gained 32.08 points or 0.58 percent to end at 5,560.83.

The strength that emerged on Wall Street came amid positive developments on the trade front, with Commerce Secretary Howard Lutnick telling CNBC the Trump administration had reached its first trade deal.

Earlier in the day, traders seemed reluctant to make significant moves ahead of the release of key earnings and economic news in the coming days.

Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), Visa (V), Eli Lilly (LLY), Chevron (CVX) and Exxon Mobil (XOM) are all due to report earnings this week.

Crude oil futures moved sharply on Tuesday amid ongoing concerns that a weakening U.S. economy and the U.S.-led trade war with partners will hurt energy demand. West Texas Intermediate crude for June delivery plunged $1.63 or 2.6 percent to $60.42 a barrel.