The Malaysia stock market has moved higher in two of three trading days since the end of the five-day losing streak in which it had stumbled more than 25 points or 1.7 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,520-point plateau and it's likely to be rangebound again on Wednesday.
The global forecast for the Asian markets is soft, with inflation concerns offset by support from crude oil. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.
The KLCI finished modestly higher on Tuesday following gains from the glove makers and telecoms.
For the day, the index added 6.67 points or 0.44 percent to finish at 1,519.56 after trading between 1,513.54 and 1,520.03. Volume was 4.54 billion shares worth 2.53 billion ringgit. There were 506 gainers and 415 decliners, with 476 stocks finishing unchanged.
Among the actives, Axiata spiked 1.87 percent, while CIMB Group fell 0.22 percent, Digi.com and Telekom Malaysia both jumped 1.67 percent, Genting shed 0.42 percent, Genting Malaysia gained 0.72 percent, Hartalega Holdings surged 3.64 percent, IOI Corporation sank 0.54 percent, Kuala Lumpur Kepong gathered 1.22 percent, Maxis improved 0.46 percent, MISC and Hong Leong Financial both advanced 1.46 percent, MRDIY plummeted 4.19 percent, Petronas Chemicals added 0.75 percent, PPB Group rose 0.55 percent, Press Metal increased 0.41 percent, RHB Capital skidded 0.76 percent, Sime Darby perked 0.92 percent, Tenaga Nasional eased 0.21 percent, Top Glove rallied 1.62 percent and Sime Darby Plantations, Dialog Group, Public Bank, Maybank and IHH Healthcare were unchanged.
The lead from Wall Street is negative as stocks opened lower on Tuesday and then bounced back and forth across the unchanged line before ending in the red.
The Dow dropped 107.39 points or 0.31 percent to finish at 34,888.79, while the NASDAQ sank 55.59 points or 0.38 percent to end at 14,677.65 and the S&P 500 fell 15.42 points or 0.35 percent to close at 4,369.21.
Stocks moved lower in afternoon trading as treasury yields rose after the Treasury Department revealed this month's auction of $24 billion worth of thirty-year bonds.
The lower close on Wall Street also came after the Labor Department released a report showing consumer prices in the U.S. saw the biggest monthly increase in thirteen years in June.
On the earnings front, financial giants JPMorgan Chase (JPM) and Goldman Sachs (GS) both saw quarterly results that beat estimates, while snack and beverage giant PepsiCo (PEP) also reported better than expected second quarter results.
Crude oil prices rose sharply on Tuesday amid expectations crude stockpiles may have dropped last week. West Texas Intermediate Crude oil futures for August ended up $1.15 or 1.6 percent at $75.25 a barrel.
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