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Rebound Anticipated For Malaysia Stock Market

The Malaysia stock market on Wednesday snapped the three-day winning streak in which it had gathered more than 30 points or 1.9 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,565-point plateau although it figures to bounce higher again on Thursday.

The global forecast for the Asian markets is positive, primarily riding a surge in crude oil prices. The European and U.S. markets was modest gains and the Asian bourses figure to follow suit.

The KLCI finished barely lower on Wednesday following losses from the plantations, while the financials and glove makers were mixed.

For the day, the index eased 1.09 points or 0.07 percent to finish at 1,563.20 after trading between 1,555.70 and 1,567.35.

Among the actives, Axiata shed 0.52 percent, while CIMB Group retreated 1.07 percent, Dialog Group surged 1.81 percent, Digi.com added 0.49 percent, Genting was up 0.21 percent, Genting Malaysia dropped 0.68 percent, Hartalega Holdings advanced 0.86 percent, INARI soared 1.10 percent, IOI Corporation lost 0.50 percent, Kuala Lumpur Kepong dipped 0.27 percent, Maybank declined 1.06 percent, MISC gained 0.29 percent, MRDIY rose 0.27 percent, Petronas Chemicals accelerated 1.12 percent, PPB Group perked 0.97 percent, Press Metal spiked 1.16 percent, Public Bank collected 0.47 percent, RHB Capital skidded 0.87 percent, Sime Darby slumped 0.44 percent, Sime Darby Plantations tumbled 1.74 percent, Telekom Malaysia climbed 0.57 percent, Tenaga Nasional fell 0.33 percent, Top Glove sank 0.82 percent and IHH Healthcare and Maxis were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday, faded soon after but rebounded enough to end in the green.

The Dow added 38.30 points or 0.11 percent to finish at 36,290.32, while the NASDAQ gained 34.94 points or 0.23 percent to close at 15,188.39 and the S&P 500 rose 13.28 points or 0.28 percent to end at 4,726.35.

The modest strength on Wall Street followed the Labor Department's highly anticipated report on consumer price inflation in December. While the report showed the annual rate of consumer price growth once again reached the highest level in almost 40 years, traders seemed relieved the acceleration was not even more significant.

Treasury yields moved to the downside following the release of the report, offsetting some of the interest rate concerns that dragged the markets lower to start the year.

Crude oil prices spiked again on Wednesday, extending gains from the previous session. Oil prices continued to benefit from optimism about the outlook for energy demand amid indications of tight near-term supply. West Texas Intermediate crude for February delivery jumped $1.42 or 1.7 percent to $82.64 a barrel.

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