The Malaysia stock market on Tuesday ended the four-day winning streak in which it had advanced more than 50 points or 2.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,825-point plateau although it's tipped to find renewed support on Wednesday.
The global forecast for the Asian markets is firm, thanks to another jump in the price of crude oil. The European and U.S. markets were up, and the Asian markets figure to follow that lead.
The KLCI finished slightly lower on Tuesday following losses from the financial shares and a mixed picture from the plantation stocks.
For the day, the index fell 5.20 points or 0.28 percent to finish at 1,826.95 after trading between 1,823.52 and 1,840.35. Volume was 6.5 billion shares worth 4.4 billion ringgit. There were 716 decliners and 387 gainers.
Among the actives, Sime Darby plummeted 3.58 percent, while RHB Capital tumbled 1.73 percent, Genting skidded 1.47 percent, YTL Corporation spiked 1.41 percent, Telekom Malaysia dropped 1.29 percent, Tenaga Nasional jumped 1.15 percent, CIMB Group retreated 1.03 percent, Axiata Group shed 0.88 percent, IOI Corporation advanced 0.65 percent, Digi.com lost 0.41 percent, Genting Malaysia slipped 0.35 percent, Maybank fell 0.20 percent, IHH Healthcare eased 0.17 percent and Public Bank and Hong Leong Financial were unchanged.
The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday as the major averages again climbed to new record closing highs.
The Dow rose 102.80 points or 0.41 percent to 25,385.80, while the NASDAQ inched up 6.19 points or 0.09 percent to 7,163.58 and the S&P 500 edged up 3.58 points or 0.13 percent to 2,751.29.
Stocks continued to benefit from recent upward momentum, which has lifted the markets to record highs amid optimism about the economic outlook. Continued strength in the overseas markets also contributed to buying interest.
Traders may have been reluctant to make significant moves ahead of earnings season, which start Friday with financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC).
Crude oil futures continued to surge Tuesday on expectations the global oil market will soon re-balance. February WTI oil gained $1.23 or 2 percent to $62.96/bbl, the highest finish since December 2014.
by RTT Staff Writer
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