Renewed Consolidation Expected For Malaysia Shares

(RTTNews) – The Malaysia stock market bounced higher again on Tuesday, one session after it halted the two-day winning streak in which it had advanced more than 40 points or 2.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,525-point plateau although it figures to head south again on Wednesday.

The global forecast for the Asian markets is soft on profit taking and on concerns for a COVID-19 vaccine. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The KLCI finished modestly higher on Tuesday following gains from the financials, plantations and glove makers.

For the day, the index rose 6.77 points or 0.45 percent to finish at 1,525.20 after trading between 1,512.46 and 1,527.04. Volume was 5.963 billion shares worth 3.887 billion ringgit. There were 477 gainers and 460 decliners.

Among the actives, Petronas Dagangan surged 2.56 percent, while Malaysia Airports Holdings plummeted 2.53 percent, Petronas Chemicals soared 2.50 percent, MISC plunged 2.00 percent, IOI Corporation spiked 1.82 percent, Maxis accelerated 1.79 percent, Genting tanked 1.58 percent, Genting Malaysia tumbled 1.46 percent, IHH Healthcare rallied 1.40 percent, AMMB Holdings and RHB Capital both skidded 1.34 percent, Top Glove jumped 1.34 percent, Kuala Lumpur Kepong climbed 1.08 percent, Axiata retreated 1.01 percent, Public Bank collected 0.88 percent, Sime Darby declined 0.82 percent, Dialog Group gathered 0.80 percent, Press Metal surrendered 0.58 percent, Hartalega Holdings perked 0.46 percent, CIMB Group advanced 0.32 percent, PPB Group added 0.31 percent, sank 0.24 percent, Tenaga Nasional fell 0.20 percent and Sime Darby Plantations, Maybank and Hong Leong Bank were unchanged.

The lead from Wall Street is negative as stocks opened lower and largely remained that way, finishing in the red after three straight sessions of gains.

The Dow sank 157.71 points or 0.55 percent to finish at 28,679.81, while the NASDAQ slid 12.36 points or 0.10 percent to end at 11,863.90 and the S&P 500 fell 22.29 points or 0.63 percent to close at 3,511.93.

The pullback on Wall Street may partly have reflected profit taking after the major averages climbed to their best closing levels in over a month on Monday.

Negative sentiment was also generated in reaction to news that Johnson & Johnson has paused a late-stage trial of its COVID-19 vaccine candidate due to an unexplained illness in a study participant.

Uncertainty about a new stimulus bill also weighed on Wall Street, as House Speaker Nancy Pelosi continued her attacks on the White House’s latest offer.

In economic news, the Labor Department reported a modest increase in consumer prices last month, with the uptick in prices matching estimates.

Crude oil prices rose sharply on Tuesday, lifted by a jump in Chinese crude oil imports last month. But the upside was capped by a surge in crude output in the Gulf of Mexico region as work in oil facilities resumed after Hurricane Delta. West Texas Intermediate Crude futures for November ended up $0.77 or 2 percent at $40.20 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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