Rebound Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Tuesday snapped the two-day winning streak in which it had picked up almost a dozen points or 0.7 percent. The Kuala Lumpur Composite Index now sits just shy of the 1,515-point plateau although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat following news of a ceasefire between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KLCI finished slightly lower on Tuesday following mixed performances from the financial shares, plantation stocks, industrials and telecoms.

For the day, the index dipped 2.32 points or 0.15 percent to finish at 1,514.29 after trading between 1,511.09 and 1,519.06.

Among the actives, 99 Speed Mart Retail gained 0.48 percent, while Axiata and YTL Corporation both rallied 1.45 percent, Celcomdigi strengthened 1.32 percent, CIMB Group dropped 0.44 percent, Gamuda fell 0.21 percent, IHH Healthcare plummeted 3.80 percent, IOI Corporation advanced 0.82 percent, Kuala Lumpur Kepong perked 0.10 percent, Maxis and Tenaga Nasional both sank 0.28 percent, Maybank jumped 1.34 percent, MISC shed 0.26 percent, Nestle Malaysia declined 0.73 percent, Petronas Chemicals stumbled 1.90 percent, Petronas Dagangan surged 3.20 percent, Petronas Gas rose 0.11 percent, PPB Group added 0.60 percent, Press Metal spiked 2.04 percent, Public Bank plunged 2.49 percent, QL Resources slumped 0.65 percent, RHB Bank collected 0.63 percent, Sime Darby soared 2.48 percent, SD Guthrie retreated 0.88 percent, Sunway climbed 1.07 percent, YTL Power tanked 1.10 percent and MRDIY and Telekom Malaysia were unchanged.

The lead from Wall Street is positive as the major averages opened solidly higher and remained in the green throughout the trading day, ending near session highs.

The Dow jumped 507.24 points or 1.19 percent to finish at 43,089.02, while the NASDAQ rallied 281.56 points or 1.43 percent to close at 19,912.53 and the S&P 500 improved 67.01 points or 1.11 percent to end at 6,092.18.

The continued strength on Wall Street came after news that a ceasefire between Israel and Iran is now in effect. While both sides have accused each other of violating the ceasefire, traders appeared to remain optimistic about easing tensions in the Middle East.

Meanwhile, traders largely shrugged off comments from Federal Reserve Chair Jerome Powell indicating the central bank will remain on hold despite pressure from Trump to lower interest rates.

On the U.S. economic front, the Conference Board released a report showing an unexpected deterioration by consumer confidence in the month of June.