The Malaysia stock market has finished lower now in back-to-back sessions, giving away almost 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,710-point plateau, although the market is due for a positive bounce on Wednesday.
The global forecast for the Asian markets is cautiously optimistic after generally heavy Greek-related selling in the previous three sessions. A rebound in the price of crude oil may provide a boost, and some of the regional bourses are ripe for bargain hunting. The European markets were down and the U.S. markets were up, and the Asian markets are tipped to follow the latter lead.
The KLCI finished slightly lower on Tuesday as losses from the financial shares and the industrial issues were tempered by gains from the plantation stocks.
For the day, the index dipped 4.75 points or 0.28 percent to finish at 1,712.30 after trading between 1,708.64 and 1,718.03. Volume was 1.69 billion shares worth 1.73 billion ringgit. There were 466 decliners and 314 gainers, with 301 stocks finishing unchanged.
Among the actives, Petronas Chemicals, Petronas Dagangan, Petronas Gas, Public Bank, Telekom Malaysia and Sime Darby all finished lower, while CIMB Group and Tenaga Nasional were unchanged and PPB Group, Kuala Lumpur Kepong, IOI Corporation, United Plantations, Hong Leong Bank, MISC, Maxis and Axiata were higher.
The lead from Wall Street is positive as stocks fell sharply in early trade Tuesday but rebounded to finish higher. The Dow ended the day up 93.33 points or 0.5 percent to 17,776.91, while the S&P 500 climbed 12.58 points or 0.6 percent to 2,081.34 and the NASDAQ edged up 5.52 points or 0.1 percent to 4,997.46. Concerns about the ongoing Greek debt crisis contributed to the early weakness, although selling pressure eventually waned due in part to optimism a deal could still be reached. The Greek people voted on Sunday to reject the austerity measures proposed by the country's creditors, but negotiators are expected to make a last-ditch effort to reach an agreement over the coming days. The turnaround by stocks also came amid a rebound by the price of crude oil, which helped to lift energy stocks well off their lows. Crude for August delivery still ended the day down $0.20 at $52.33 a barrel, although it was well off its low of $50.58 a barrel. The price of oil also saw continued upside in electronic trading.
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