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Malaysia Shares Likely Rangebound Again On Wednesday

The Malaysia stock market has ticked lower in back-to-back sessions, slipping more than 6 points or 0.4 percent along the way. The Kuala Composite Index now rests just beneath the 1,580-point plateau and it's expected to see little movement again on Wednesday.

The global forecast for the Asian markets is mixed and fairly flat amid a lack of strong catalysts. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The KLCI finished slightly lower on Tuesday as losses from the financials and plantations were mitigated by support from the glove makers.

For the day, the index fell 5.33 points or 0.34 percent to finish at 1,578.91 after trading between 1,575.18 and 1,589.06. Volume was 6.273 billion shares worth 3.227 billion ringgit. There were 650 decliners and 382 gainers.

Among the actives, Axiata plunged 1.60 percent, while CIMB Group tumbled 1.15 percent, Dialog Group added 0.33 percent, Digi.com retreated 0.82 percent, Genting fell 0.38 percent, Genting Malaysia surrendered 0.64 percent, Hartalega Holdings soared 2.12 percent, IHH Healthcare and RHB Capital both dropped 0.56 percent, IOI Corporation tanked 1.19 percent, Kuala Lumpur Kepong declined 0.70 percent, Maybank slid 0.36 percent, Maxis skidded 0.88 percent, MISC rose 0.15 percent, Petronas Chemicals shed 0.50 percent, PPB Group jumped 0.75 percent, Press Metal perked 0.60 percent, Public Bank lost 0.47 percent, Sime Darby Plantations plummeted 3.85 percent, Supermax surged 2.87 percent, Telekom Malaysia gained 0.15 percent, Tenaga Nasional sank 0.59 percent, Top Glove spiked 1.92 percent and Sime Darby and Nestle were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages opened lower but then spent the day bouncing back and forth across the unchanged line before eventually closing slightly in the red.

The Dow shed 96.95 points or 0.29 percent to finish at 33,430.24, while the NASDAQ dipped 7.21 points or 0.05 percent to end at 13,698.38 and the S&P 500 eased 3.97 points or 0.10 percent to close at 4,073.94.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.

Meanwhile, traders largely shrugged off news the International Monetary Fund raised its global growth projections for this year and next, citing huge fiscal stimulus in some big economies and a vaccine-driven recovery in the future.

Crude oil prices moved higher on Tuesday, riding a weaker U.S. dollar. West Texas Intermediate Crude oil futures for May ended higher by $0.68 or 1.2 percent at $59.33 a barrel.

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