Renewed Support Anticipated For Malaysia Shares

RTTNews | 940 days ago
Renewed Support Anticipated For Malaysia Shares

(RTTNews) - The Malaysia stock market moved lower again on Monday, one session after ending the five-day losing streak in which it had slumped more than 25 points or 1.7 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,475-point plateau, although it's expected to rebound again on Tuesday.

The global forecast for the Asian markets is upbeat on bargain hunting and an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The KLCI finished slightly lower on Monday as losses from the glove makers and telecoms were mitigated by support from the financials and mixed performances from the plantations.

For the day, the index dipped 2.81 points or 0.19 percent to finish at 1,474.38 after trading between 1,468.85 and 1,475.61.

Among the actives, Axiata plummeted 3.24 percent, while CIMB Group strengthened 1.59 percent, Dialog Group rallied 1.30 percent, Digi.com plunged 2.81 percent, Genting Malaysia tumbled 1.52 percent, Hartalega Holdings dropped 0.61 percent, IHH Healthcare retreated 1.33 percent, IOI Corporation shed 0.52 percent, Kuala Lumpur Kepong climbed 1.15 percent, Maybank collected 0.12 percent, MISC fell 0.14 percent, MRDIY skidded 0.97 percent, Petronas Chemicals sank 0.59 percent, PPB Group jumped 1.83 percent, Press Metal added 0.41 percent, Public Bank lost 0.23 percent, RHB Capital advanced 0.89 percent, Sime Darby Plantations rose 0.23 percent, Telekom Malaysia slumped 0.92 percent, Tenaga Nasional declined 1.39 percent, Top Glove tanked 1.79 percent and Genting, INARI, Maxis and Sime Darby were unchanged.

The lead from Wall Street is broadly positive as the major averages opened flat on Monday but accelerated as the day progressed, ending near session highs.

The Dow surged 528 points or 1.58 percent to finish at 34,005.04, while the NASDAQ rallied 139.12 points or 1.26 percent to end at 11,143.74 and the S&P 500 jumped 56.18 points or 1.43 percent to close at 3,990.56.

The rally on Wall Street came as traders picked up stocks at reduced levels following last week's notable decline.

Positive sentiment was also generated in reaction to a survey from the New York Federal Reserve showing inflation expectations decreased at the short, medium, and longer terms in November.

Traders also looked ahead to the Federal Reserve's highly anticipated monetary policy decision on Wednesday. While the Fed is widely expected to slow the pace of interest rate hikes to 50 basis points, traders have recently expressed concerns about how much further the Fed will need to raise rates in order to contain inflation.

Crude oil prices rose sharply Monday on supply concerns following the continued closure of a pipeline carrying Canadian heavy crude to the U.S. Gulf Coast of Mexico. West Texas Intermediate Crude oil futures for January ended higher by $2.15 or 3 percent at $73.17 a barrel.

read more
U.S. Weekly Jobless Claims Unexpectedly Edge Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Lower

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 39 minutes ago
Bay Street Seen Opening On Mixed Note

Bay Street Seen Opening On Mixed Note

Canadian shares may open on a slightly mixed note on Thursday tracking the trend in the commodity markets, and somewhat firm European stocks. The focus, once again, will be on trade negotiations between the U.S. and several other major nations.
RTTNews | 41 minutes ago
FTSE 100 Rises To Record High As Mining Stocks Rally

FTSE 100 Rises To Record High As Mining Stocks Rally

The UK stock market climbed to a new record high Thursday morning, lifted by strong gains in the mining sector. The undertone in major European markets is quite firm today amid optimism about a potential trade deal between the U.S. and the European Union.
RTTNews | 1h 50min ago
CAC 40 Moderately Higher On Trade Deal Hopes

CAC 40 Moderately Higher On Trade Deal Hopes

French stocks are gaining some ground in positive territory on Thursday amid rising hopes the European Union will strike a trade deal with the U.S. sometime soon.
RTTNews | 2h 25min ago
DAX Modestly Up After Hitting Fresh Record High

DAX Modestly Up After Hitting Fresh Record High

German stocks are up in positive territory on Thursday, extending gains from the previous three sessions, as investors continue to focus on US-EU trade negotiations. Data showing a drop in Germany's consumer price inflation in the month of June is aiding sentiment.
RTTNews | 2h 45min ago
Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major counterparts in the early European session on Thursday, as traders are optimistic about an end to the tariff uncertainty after U.S. President Donald Trump made it clear that he will not extend the August 1 deadline for trade deals, though he gets aggressive with tariff imposition. They are also optimistic about a potential trade deal between the U.S. and the European Union.
RTTNews | 3h 40min ago
European Shares Extend Gains On Trade Deal Optimism

European Shares Extend Gains On Trade Deal Optimism

European stocks rose for a fourth consecutive session on Thursday as optimism prevailed about a potential trade deal between the U.S. and the European Union. EU trade chief Maros Sefcovic said there was good progress on a framework trade agreement and a deal may even be possible within days.
RTTNews | 4h 13min ago