Malaysia’s Stock Exchange could spin its wheels on Wednesday

(RTTNews) – The Malaysian stock market has risen in consecutive sessions, rallying more than a dozen points or 0.8% along the way. The Kuala Lumpur Composite Index now sits just above the 1,585 point plateau, although it may run out of steam on Wednesday.

Global forecasts for Asian markets are roughly stable as optimism for the economic recovery is offset by fears of inflation. European markets were up and US stock markets were mixed and stable and Asian markets should follow this latest example.

The KLCI ended slightly higher on Tuesday as gains in financials and entertainment were offset by weakness in plantations and glove makers.

For the day, the index rose 2.35 points or 0.15% to end at 1,585.90 after trading between 1,580.10 and 1,588.30. The volume was 8.978 billion shares with a value of 5.127 billion ringgits. There were 587 winners and 525 losers.

Among assets, Axiata and PPB Group both climbed 0.54%, while CIMB Group jumped 3.97%, Dialog Group jumped 0.69%, fell 0.70% , Genting climbed 3.89%, Genting Malaysia climbed 3.58%, Hartalega Holdings was down 1.00%. IHH Healthcare accelerated 1.70%, IOI Corporation fell 1.22%, Kuala Lumpur Kepong fell 0.63%, Maybank collected 0.24%, Maxis lost 0.43%, MISC rose 0.44%, Press Metal fell 0.19%, Sime Darby fell 0.87%, Sime Darby Plantations slipped 1.10%, Supermax fell 2.42%, Telekom Malaysia lost 1 , 30%, Tenaga Nasional fell 0.10%, Top Glove fell 1.74% and Petronas Chemicals, Petronas Gas, Public Bank and RHB Capital remained unchanged.

Wall Street’s lead offers little indication as stocks opened higher on Tuesday but quickly faded, bouncing off the unchanged line before ending mixed and little changed.

The Dow added 45.86 points or 0.13% to end at 34,575.31, while the NASDAQ lost 12.26 points or 0.09% to end at 13,736.48 and the S &) 500 fell 2.07 points or 0.05% to close at 4,202.04.

Wall Street’s initial strength came as bullish manufacturing data from overseas added to the optimism about the outlook for the global economy. Additionally, the Institute for Supply Management said manufacturing activity in the United States grew at a slightly faster pace in May.

Interest in buying weakened shortly after trading began, however, as traders continued to express uncertainty about inflation and the outlook for monetary policy.

Traders may also have been reluctant to take significant action ahead of the release of the closely-watched Labor Department’s monthly employment report on Friday.

Crude oil prices rose sharply on Tuesday amid optimism for a strong global economic recovery and increased demand following a drop in new coronavirus cases and an acceleration of the vaccination campaign. West Texas Intermediate crude oil futures for July jumped $ 1.40 or 2.1% to $ 67.72 a barrel, the highest since October 2018.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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About Perry Perrie

Perry Perrie

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