Malaysian stock market expected to consolidate on Tuesday

(RTTNews) – The Malaysian stock market has soared in two consecutive sessions, climbing almost 35 points or 2.2% along the way. The Kuala Lumpur Composite Index is now just below the 1,610-point plateau, though investors expect to cash in on Tuesday. Global forecasts for Asian markets predict continued volatility as the Russian invasion of Ukraine continues. European markets ended lower and US markets ended mixed and Asian markets seem to share the difference after a frantic run.

KLCI ended sharply higher on Monday after gains in financial stocks, plantation stocks and glove makers. For the day, the index climbed 16.56 points or 1.04% to end at 1,608.28 after trading between 1,595.74 and 1,613.49. The volume was 3.48 billion shares worth 3.97 billion ringgit. There were 635 rejections and 413 winners. Among assets, Axiata climbed 2.88%, while CIMB Group rose 0.71%, Dialog Group gained 1.44%, Digi.com rose 2.53%, Genting, Hartalega Holdings and PPB Group all rose 0.22%, Genting Malaysia lost 0.33%, IHH Healthcare. added 1.39%, INARI climbed 1.90%, Kuala Lumpur Kepong strengthened 2.04%, Maybank fell 1.35%, Maxis and Hong Leong Bank both improved 1.01% , MISC gained 1.38%, MRDIY fell 1.63%, Petronas Chemicals climbed 2.80%, Petronas Dagangan soared 6.43%, Press Metal rose 1.19%, Public Bank collected 1.83%, RHB Capital jumped 2.97%, Sime Darby fell 1.73%, Sime Darby Plantations accelerated 2.72%, Telekom Malaysia fell 5.42%, Tenaga Nasional rose 1.89 percent, Top Glove jumped 2.50 percent and IOI Corporation was unchanged.

Wall Street’s lead ends up being mixed as major averages opened lower on Monday. Amid wild swings, the Dow Jones and S&P 500 remained in the red throughout, although a late surge in NASDAQ pushed it into positive territory.

The Dow Jones lost 166.15 points or 0.49% to end at 33,892.60, while the NASDAQ added 56.78 points or 0.41% to close at 13,751.40 and the S&P lost 10 .71 points or 0.24% to end at 4,373.94.

Geopolitical concerns have contributed to Wall Street’s pullback amid the ongoing Russian invasion of Ukraine. News that Russian President Vladimir Putin has put his nuclear forces on high alert has raised concerns of an escalation.

Russian and Ukrainian officials are meeting at the Belarusian-Ukrainian border to discuss a possible ceasefire, although optimism that the talks will lead to peace is low. The West continues to step up sanctions against Russia in response to the invasion, raising concerns about the impact on the global economy.

On the US economic front, MNI Indicators released a report showing a significant slowdown in the pace of business activity growth in the Chicago area in February.

Crude oil futures traded sharply higher on Monday amid growing concerns over supply disruptions in Russia. As Russia accounts for about 10% of the world’s oil supply, sanctions from the West are likely to significantly damage supply. West Texas Intermediate crude oil futures for April ended up 4.13 or 4.5% at $95.72 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.

About Arla Lacy

Check Also

Are refiners to blame for your pain at the pump?

Refining inventories have jumped this year. Unsung Oil Refiners PBF Energy (NYSE: PBF) and Delek …