The Malaysia stock market on Tuesday snapped the two-day losing streak in which it had fallen more than 5 points or 0.3 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,775-point plateau and it draws a green light again on Wednesday.
The global forecast for the Asian markets is upbeat thanks to easing anxiety in Washington and a bump in crude oil prices. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.
The KLCI finished slightly higher on Tuesday following gains from the plantations and telecoms.
For the day, the index added 2.60 points or 0.15 percent to finish at 1,774.22 after trading between 1,771.39 and 1,775.80. Volume was 1.77 billion shares worth 1.88 billion ringgit. There were 392 gainers and 364 decliners, with 443 stocks finishing unchanged.
Among the actives, Genting Malaysia climbed 1.49 percent, while Telekom Malaysia jumped 0.79 percent, Sime Darby perked 0.54 percent, Digi.com added 0.41 percent, Tenaga Nasional gained 0.14 percent, Maybank collected 0.10 percent and Petronas Chemicals, CIMB Group, Maxis, Public Bank and IOI Corporation all were unchanged.
The lead from Wall Street is firm as stocks moved sharply higher on Tuesday, rebounding from recent weakness.
The Dow advanced 196.14 points or 0.9 percent to 21,899.89, while the NASDAQ surged 84.35 points or 1.4 percent to 6,297.48 and the S&P jumped 24.14 points or 1 percent to 2,452.51.
Strength overseas contributed to the buying interest on Wall Street amid easing concerns about recent political turmoil in Washington. The move was also attributed to a positive reaction to President Donald Trump's speech outlining his new strategy for Afghanistan.
The rally also followed reports that Trump's top aides and congressional leaders have made significant strides in shaping a tax overhaul.
Crude oil futures were slightly higher Tuesday ahead of U.S. inventories data. October WTI oil settled at $47.83/bbl, up 30 cents or 0.6 percent. September WTI oil was up 27 cents or 0.6 percent to end at $47.64/bbl on the contract's expiration day.
Closer to home, Malaysia will release July figures for consumer prices later today, with forecasts suggesting an increase of 0.1 percent on month and 3.4 percent on year. That follows the 0.2 percent monthly decline and the 3.6 percent yearly increase in June.
For comments and feedback contact: editorial@rttnews.com
Market Analysis