Malaysian stock market awaits support on Wednesday

(RTTNews) – Ahead of Tuesday’s holiday for Nuzul Al’Quran, the Malaysian stock market has fallen in five consecutive sessions, dropping nearly 20 points or 1.3% along the way. The Kuala Lumpur Composite Index now sits just above the 1,580-point plateau, although it should stop the bleeding on Wednesday.

The global forecast for Asian markets is upbeat thanks to continued optimism for earnings. European markets were down and US stocks were up and now tech stocks are expected to lead Asian markets higher.

The KLCI ended modestly lower on Monday following losses in financials, telecoms and glove makers.

For the day, the index lost 7.87 points or 0.50% to end at a daily low of 1,581.14 after peaking at 1,591.64. The volume was 2.447 billion shares worth 1.573 billion ringgit. There were 558 rejections and 314 winners.

Among assets, Axiata fell 0.28%, while CIMB Group fell 1.18%, Dialog Group and Petronas Dagangan both fell 0.38%, Digi.com fell 0.78% , Genting fell 1.09%, Genting Malaysia lost 0.67%, Hartalega Holdings fell 1.30%. , INARI fell 1.03%, IOI Corporation and Maybank both fell 0.46%, Kuala Lumpur Kepong fell 1.10%, Maxis and MISC both lost 0.52%, Petronas Chemicals rose 0.78%, PPB Group plunged 1.40%, Press Metal added 0.31%, Public Bank slipped 0.86%, RHB Capital fell 0.84%, Sime Darby Plantations jumped 1.58%, Telekom Malaysia fell 0.79%, Tenaga Nasional fell 0.22%, Top Glove fell 2.79% and IHH Healthcare, Sime Darby and MRDIY remained unchanged.

Wall Street’s advance is broadly positive as major averages opened higher on Tuesday and gained momentum as the day progressed, ending sharply higher.

The Dow Jones jumped 499.51 points or 1.45% to end at 34,911.20, while the NASDAQ jumped 287.30 points or 2.15% to end at 13,619.66 and the S&P 500 jumped 70.52 points or 1.61% to close at 4,462.21.

The rally on Wall Street reflected largely upbeat earnings news from companies like Hasbro (HAS) and Johnson & Johnson (JNJ), although insurance giant Travelers (TRV) fell sharply despite earnings beating estimates .

In US economic news, the Commerce Department said new home construction saw modest growth in March, while building permits also unexpectedly rebounded.

Crude oil prices fell sharply on Tuesday on worries about the outlook for energy demand following a downgrade in global growth forecasts by the International Monetary Fund. West Texas Intermediate crude oil futures for May ended down $5.65 or 5.2% at $102.56 a barrel.

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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