The Malaysia stock market has moved higher in back-to-back trading days, collecting almost 3 points or 0.2 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,515-point plateau and it’s likely to remain in that neighborhood again on Thursday.
The global forecast for the Asian markets is mixed to higher, with support from oil and technology stocks offset by ongoing Covid-19 concerns. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The KLCI finished barely higher again on Wednesday following mixed performances from the financials and weakness from the plantations
For the day, the index rose 0.79 points or 0.05 percent to finish at 1,515.39 after trading between 1,509.81 and 1,516.35. Volume was 3.652 billion shares worth 2.161 billion ringgit. There were 509 decliners and 411 gainers.
Among the actives, CIMB Group and MISC both slid 0.44 percent, while Dialog Group gained 0.35 percent, Digi.com jumped 1.44 percent, Genting shed 0.62 percent, Genting Malaysia sank 1.06 percent, Hartalega Holdings advanced 0.55 percent, IHH Healthcare fell 0.51 percent, IOI Corporation dropped 0.81 percent, Kuala Lumpur Kepong tumbled 1.34 percent, Maybank and Petronas Chemicals both collected 0.50 percent, Maxis climbed 0.70 percent, PPB Group rose 0.11 percent, Press Metal skidded 1.22 percent, RHB Capital spiked 1.57 percent, Sime Darby Plantations lost 0.56 percent, Tenaga Nasional and Petronas Gas both added 0.51 percent and Top Glove, MRDIY, Sime Darby, Public Bank, Telekom Malaysia and Axiata were unchanged.
The lead from Wall Street is schizophrenic as the major averages opened slightly higher on Wednesday before the NASDAQ moved higher, the Dow moved lower and the S&P straddled the line.
The Dow dropped 127.59 points or 0.36 percent to finish at 34,930.93, while the NASDAQ climbed 102.01 points or 0.70 percent to end at 14,762.58 and the S&P 500 eased 0.82 points or 0.02 percent to close at 4,400.64.
The mixed picture on Wall Street came as technology stocks advanced, riding on strong results from Apple Inc, Alphabet and Microsoft.
The Federal Open Market Committee, which concluded its two-day monetary policy meeting Wednesday afternoon, left the target range for its federal funds rate unchanged at 0 to 0.25 percent as expected, and said it will continue with its $120 billion-a-month bond-buying program.
The bank, which said the economy is strengthening despite concerns over the spread of the coronavirus, added that risks to the economic outlook remain.
Crude oil prices moved higher Wednesday, lifted by data showing a larger-than-expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.74 or 1 percent at $72.39 a barrel.
Market Analysis
Little Movement Expected For Malaysia Stock Market
2021-07-28 23:30:20
