Plus   Neg

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has finished higher in four straight sessions, advancing more than 25 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,865-point plateau although the market may be stuck in neutral on Wednesday.

The global forecast for the Asian markets is broadly negative thanks to renewed geopolitical concerns and a drop in crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses figure to follow suit.

The KLCI finished slightly higher on Tuesday as gains from the plantations and industrials were offset by weakness from the telecoms and financials.

For the day, the index added 2.81 points or 0.15 percent to finish at 1,864.03 after trading between 1,853.97 and 1,864.31. Volume was 2.29 billion shares worth 2.08 billion ringgit. There were 511 decliners and 402 gainers.

Among the actives, IJM Corporation surged 2.99 percent, while AMMB Holdings soared 2.95 percent, Maxis plummeted 1.51 percent, Genting Malaysia tumbled 1.32 percent, Petronas Chemicals spiked 0.87 percent, Genting skidded 0.78 percent, IOI Corporation climbed 0.41 percent, Sime Darby jumped 0.38 percent, Telekom Malaysia shed 0.35 percent, CIMB Group lost 0.28 percent, Kuala Lumpur Kepong gained 0.08 percent and Digi.com, Axiata, Tenaga Nasional, IHH Healthcare, Maybank and Public Bank all were unchanged.

The lead from Wall Street is soft as stocks failed to hold a higher open Tuesday before sliding firmly into negative territory.

The Dow slid 171.58 points or 0.68 percent to 25,007.03, while the NASDAQ tumbled 77.31 points or 1.02 percent to 7,511.01 and the S&P fell 17.71 points or 0.64 percent to 2,765.31.

The weakness came amid renewed geopolitical concerns after President Donald Trump fired Secretary of State Rex Tillerson and replaced him with CIA Director Mike Pompeo.

Traders shrugged off a Labor Department report showing a modest increase in consumer prices and core CPI in February.

Crude oil futures were lower Tuesday amid expectations that U.S. oil inventories rose for a third week in a row. April WTI oil was down 65 cents or 1.1 percent to settle at $60.71/bbl.

by RTT Staff Writer

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