Malaysia Stock Market Tipped To Find Traction On Tuesday

The Malaysia stock market has moved lower in back-to-back sessions, although it has eased just two points or 0.1 percent in that span. The Kuala Lumpur Composite Index remains just above the 1,530-point plateau although it’s looking at a steady start on Tuesday.

The global forecast for the Asian markets suggests mild upside on optimism for continued economic recovery. The U.S. markets were closed for the Independence Day holiday and the European bourses finished higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely lower on Monday following mixed performances from the plantation stocks and financial shares.

For the day, the index dipped 0.99 points or 0.06 percent to finish at 1,532.36 after trading between 1,525.40 and 1,535.88. Volume was 6.502 billion shares worth 3.590 billion ringgit. There were 526 gainers and 503 decliners.

Among the actives, Axiata declined 0.52 percent, while CIMB Group retreated 0.65 percent, Genting sank 0.40 percent, Genting Malaysia jumped 1.07 percent, Hartalega Holdings dipped 0.14 percent, IHH Healthcare was up 0.18 percent, IOI Corporation plummeted 2.36 percent, Kuala Lumpur Kepong tumbled 1.28 percent, Maybank collected 0.25 percent, Maxis advanced 0.45 percent, MISC rose 0.30 percent, MRDIY tanked 1.37 percent, Petronas Chemicals gained 0.37 percent, PPB Group added 0.44 percent, Press Metal spiked 1.67 percent, Public Bank improved 0.24 percent, RHB Capital skidded 0.74 percent, Sime Darby Plantations climbed 0.50 percent, Telekom Malaysia dropped 0.33 percent, Top Glove plunged 1.50 percent and Sime Darby, Dialog Group, Digi.com, Tenaga Nasional and Hap Seng Consolidated were unchanged.

There is no lead from Wall Street, but European and Canadian stocks closed higher on Monday – shaking off a weak start to break into the green mid-session and accelerate going into the close.

The gains came as rising optimism about economic rebound on the back of data showing stronger than expected growth of eurozone private sector helped offset concerns about the spread of the delta variant of the coronavirus.

Energy stocks provided considerable support after crude oil prices rose sharply as OPEC abandoned output talks without a deal. West Texas Intermediate crude for August delivery jumped $1.20 or 1.56 percent to $76.36 per barrel.