Win Streak May End For Malaysia Stock Market

The Malaysia stock market has climbed higher in six straight sessions, gathering almost 60 points or 3.8 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,585-point plateau although it's overdue for consolidation on Wednesday.

The global forecast for the Asian markets suggests mild consolidation amid volatility and uncertainty, with crude oil prices offering slight support. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly higher on Tuesday as gains from the financial shares and glove makers were limited by weakness from the plantations.

For the day, the index gained 13.09 points or 0.83 percent to finish at the daily high of 1,583.91 after trading as low as 1,563.72. Volume was 5.188 billion shares worth 3.548 billion ringgit. There were 548 gainers and 517 decliners.

Among the actives, Axiata spiked 2.50 percent, while CIMB Group accelerated 2.20 percent, Dialog Group retreated 0.69 percent, Digi.com jumped 1.64 percent, Genting climbed 1.55 percent, Genting Malaysia rallied 1.27 percent, Hartalega Holdings surged 4.37 percent, IHH Healthcare gained 0.30 percent, IOI Corporation sank 0.49 percent, Maybank collected 0.86 percent, Maxis gathered 1.08 percent, MISC dropped 0.58 percent, PPB Group and Hong Leong Bank both dipped 0.22 percent, Press Metal shed 0.33 percent, Public Bank perked 1.22 percent, RHB Capital soared 2.59 percent, Sime Darby added 0.44 percent, Sime Darby Plantations fell 0.23 percent, Telekom Malaysia skyrocketed 4.93 percent, Tenaga Nasional lost 0.31 percent, Top Glove advanced 0.71 percent and MRDIY, Petronas Chemicals and Kuala Lumpur Kepong were unchanged.

The lead from Wall Street ends up being negative as the major averages spent all of Tuesday bouncing back and forth across the unchanged line before finally settling slightly in the red.

The Dow dropped 117.72 points or 0.34 percent to finish at 34,378.34, while the NASDAQ dipped 20.28 points or 0.14 percent to close at 14,465.92 and the S&P 500 fell 10.54 points or 0.24 percent to end at 4,350.65.

The choppy trading on Wall Street came as traders expressed uncertainty about the outlook for the markets following the volatility seen throughout early October. Concerns about inflation and the Federal Reserve scaling back stimulus as early as next month also weighed.

Earnings news was also on traders' minds, with financial giant JPMorgan Chase (JPM) due to report Q3 results later today. Bank of America (BAC), Citigroup (C), Morgan Stanley (MS), Wells Fargo (WFC), and Goldman Sachs (GS) are also due to report their results in the coming days.

Crude oil futures settled slightly higher Tuesday after prices moved up amid speculation the fuel market could get tighter this winter. West Texas Intermediate Crude oil futures for November rose $0.12 or about 0.2 percent at $80.64 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT