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Malaysia Bourse Has Flat Lead For Wednesday

Malaysia Bourse Has Flat Lead For Wednesday

The Malaysia stock market has moved lower in three straight trading days, sinking almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,615-point plateau and it's likely to remain in that neighborhood again on Wednesday.


The global forecast for the Asian markets is mixed and flat ahead of the next round of economic data, and skepticism over the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.


The KLCI finished slightly lower on Tuesday following losses from the telecoms and mixed performances from the plantations and financials.


For the day, the index slipped 2.45 points or 0.15 percent to finish at 1,615.82 after trading between 1,612.96 and 1,622.93.


Among the actives, Axiata shed 0.35 percent, while Celcomdigi tumbled 1.96 percent, CIMB Group collected 0.14 percent, Genting jumped 1.47 percent, Genting Malaysia added 0.72 percent, IHH Healthcare retreated 1.43 percent, IOI Corporation sank 0.51 percent, Maxis and YTL Corporation both dropped 0.54 percent, MRDIY stumbled 1.09 percent, Petronas Chemicals skidded 1.02 percent, PPB Group perked 0.13 percent, Press Metal improved 0.75 percent, Public Bank lost 0.24 percent, QL Resources slid 0.15 percent, RHB Capital fell 0.18 percent, Sime Darby rallied 1.06 percent, Telekom Malaysia slumped 0.92 percent, Tenaga Nasional gained 0.30 percent, YTL Power advanced 0.81 percent and Sime Darby Plantations, Maybank, Kuala Lumpur Kepong and MISC were unchanged.


The lead from Wall Street offers little clarity as the major averages opened mixed on Tuesday finished the same way.


The Dow shed 216.73 points or 0.55 percent to finish at 38,852.86, while the NASDAQ advanced 99.09 points or 0.59 percent to close at a record 17,019.88 and the S&P 500 perked 1.32 points or 0.02 percent to end at 5,306.04.


The continued advance by the NASDAQ came on a sharp increase by shares of Nvidia (NVDA), with the AI darling surging 7.1 percent to a record closing high.


Meanwhile, a steep drop by shares of Merck (MRK) weighed on the Dow, as the drug giant tumbled by 2.6 percent to its lowest closing level in well over a month.


In U.S. economic news, the Conference Board noted an unexpectedly significant improvement in consumer confidence in May.


Oil prices rose Tuesday on hopes demand for oil will pick up in the U.S. driving season, and on expectations that OPEC will extend its production cuts into the next quarter. West Texas Intermediate Crude oil futures for July ended higher by $2.11 or 2.7 percent at $79.83 a barrel.




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