The Malaysia stock market on Tuesday ended the modest two-day winning streak in which it had collected almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,580-point plateau although it's expected to rebound on Wednesday.
The global forecast for the Asian markets is strong on continued optimism for a coronavirus vaccine. The European and U.S. markets were up and the Asian markets are tipped to at least open in similar fashion.
The KLCI finished sharply lower on Tuesday following losses from the plantations, telecoms and glove makers, while the financials were mixed.
For the day, the index skidded 19.09 points or 1.20 percent to finish at the daily low of 1,578.39 after trading between 1,599.98. Volume was 8.361 billion shares worth 4.284 billion ringgit. There were 1,093 decliners and 250 gainers.
Among the actives, Top Glove cratered 7.48 percent, while Petronas Dagangan plummeted 4.98 percent, Press Metal plunged 3.17 percent, Sime Darby tanked 2.88 percent, Genting tumbled 2.43 percent, MISC skidded 2.12 percent, Hartalega Holdings retreated 1.94 percent, Digi.com and Hap Seng both declined 1.65 percent, Dialog Group surrendered 1.60 percent, Genting Malaysia sank 1.59 percent, Petronas Gas jumped 1.30 percent, IOI Corporation and Tenaga Nasional both dropped 1.10 percent, Sime Darby Plantations shed 0.97 percent, PPB Group added 0.97 percent, AMMB Holdings lost 0.90 percent, Public Bank gained 0.88 percent, Kuala L:umpur Kepong fell 0.59 percent, Maybank collected 0.37 percent, Axiata slid 0.30 percent, Petronas Chemicals rose 0.29 percent, RHB Capital was down 0.20 percent, Malaysia Airports Holdings was up 0.18 percent, IHH Healthcare eased 0.18 percent and CIMB Group was unchanged.
The lead from Wall Street is broadly positive as stocks opened higher on Tuesday and picked up steam as the day progressed, ending in the green for the second straight day.
The Dow soared 454.97 points or 1.54 percent to finish at a record 30,046.24, while the NASDAQ jumped 156.15 points or 1.31 percent to end at 12,036.79 and the S&P 500 advanced 57.82 points or 1.62 percent to close at 3,635.41.
The spike on Wall Street came in reaction to confirmation about President-elect Joe Biden's transition to the White House, removing some of the uncertainty surrounding the election.
Recent encouraging updates on the coronavirus vaccine front continued to aid sentiment in the face of continued spikes in new cases across the country.
Also, the market appeared to be hoping that a new administration at White House will decide on a fiscal stimulus soon and begin efforts to put the economy back on track.
Crude oil prices rose sharply on Tuesday and lifted the most active futures contract to their highest close since March thank to easing concerns about energy demand on upbeat updates on potential coronavirus vaccine. West Texas Intermediate Crude oil futures for January spiked $1.85 or 4.3 percent at $44.91 a barrel.
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