Malaysia Bourse May Reverse Tuesday's Losses

RTTNews | 38 ngày trước
Malaysia Bourse May Reverse Tuesday's Losses

(RTTNews) - The Malaysia stock market on Tuesday ended the three-day winning streak in which it had collected almost 25 points or 1.6 percent. The Kuala Lumpur Composite Index now sits just above the 1,485-point plateau, although it's expected to rebound again on Wednesday.

The global forecast for the Asian markets is positive on optimism that the U.S. and China may scale back their tariff talk. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly lower on Tuesday following losses from the financial hares and industrials, while the plantations and telecoms came in mixed.

For the day, the index dropped 13.22 points or 0.88 percent to finish at 1,486.25 after trading between 1,482.70 and 1,492.44.

Among the actives, 99 Speed Mart Retail tumbled 1.81 percent, while Axiata added 0.51 percent, CIMB Group retreated 1.60 percent, Gamuda tanked 2.28 percent, IHH Healthcare shed 0.73 percent, IOI Corporation eased 0.27 percent, Kuala Lumpur Kepong and Nestle Malaysia both perked 0.10 percent, Maxis rallied 1.43 percent, Maybank was down 0.30 percent, MISC slumped 1.26 percent, MRDIY skidded 1.20 percent, Petronas Chemicals stumbled 1.91 percent, Press Metal surrendered 2.08 percent, Public Bank lost 0.68 percent, QL Resources rose 0.21 percent, RHB Bank dropped 1.07 percent, Sime Darby slid 0.49 percent, SD Guthrie gained 0.22 percent, Sunway declined 1.37 percent, Telekom Malaysia sank 0.89 percent, Tenaga Nasional fell 0.59 percent, YTL Corporation plummeted 3.28 percent, YTL Power plunged 2.76 percent and Celcomdigi and PPB Group were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher and improved as the day progressed, ending near session highs.

The Dow surged 1,016.57 points or 2.66 percent to finish at 39,186.98, while the NASDAQ rallied 429.52 points or 2.71 percent to close at 16,300.42 and the S&P 500 jumped 129.56 points or 2.51 percent to end at 5,287.76.

The rally on Wall Street came as traders looked to pick up stocks at reduced levels following the steep drop on Monday, amid lingering trade war concerns and President Donald Trump's continued attacks on Federal Reserve Chair Jerome Powell.

Further buying interest was generated in reaction to reports indicating Treasury Secretary Scott Bessent told a closed-door investor summit he expects the trade dispute between the U.S. and China to de-escalate.

The markets also benefitted from positive earnings news from the likes of 3M (MMM) and aircraft engine supplier GE Aerospace (GE), which both beat the street.

Crude oil moved sharply higher on Tuesday after the Treasury Department announced new sanctions against Iran. West Texas Intermediate crude for May delivery surged $1.23 or 2.0 percent to $64.31 a barrel.

Closer to home, Malaysia will release March numbers for consumer prices later today; in February, overall inflation was up 0.4 percent on month and 1.5 percent on year.

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