Ahead of Tuesday’s holiday for National Day, the Malaysia stock market had moved higher in seven straight sessions, jumping more than 90 points or 6 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,600-point plateau although it’s likely slip back beneath that mark on Wednesday.
The global forecast for the Asian markets suggests mild consolidation on sliding crude oil prices and ahead of key U.S. employment data later in the week. The European and U.S. markets were slightly lower and the Asian bourses are tipped to open in similar fashion.
The KLCI finished modestly higher on Monday following gains from the financial shares and glove makers.
For the day, the index climbed 11.22 points or 0.71 percent to finish at 1,601.38 after trading between 1,592.10 and 1,604.90. Volume was 4.434 billion shares worth 3.665 billion ringgit. There were 537 gainers and 503 decliners.
Among the actives, Axiata soared 2.48 percent, while CIMB Group added 0.41 percent, Dialog Group skidded 1.12 percent, Digi.com gathered 1.15 percent, Genting spiked 2.43 percent, Genting Malaysia climbed 1.71 percent, Hartalega Holdings jumped 1.79 percent, IHH Healthcare gained 0.79 percent, IOI Corporation advanced 0.98 percent, Kuala Lumpur Kepong was up 0.28 percent, Maybank collected 0.36 percent, Maxis eased 0.21 percent, MISC surged 2.86 percent, MRDIY improved 0.55 percent, Petronas Chemicals perked 1.22 percent, PPB Group fell 0.22 percent, Press Metal increased 0.56 percent, RHB Capital rallied 1.45 percent, Sime Darby strengthened 0.43 percent, Sime Darby Plantations plummeted 3.36 percent, Telekom Malaysia added 0.83 percent, Tenaga Nasional rose 0.77 percent, Top Glove accelerated 2.30 percent and Public Bank was unchanged.
The lead from Wall Street ends up being soft as the major averages bounced back and forth across the unchanged line on Tuesday before finally settling with mild losses.
The Dow shed 39.11 points or 0.11 percent to finish at 35,360.73, while the NASDAQ eased 6.65 points or 0.04 percent to close at 15,259.24 and the S&P 500 fell 6.11 points or 0.13 percent to end at 4,522.68.
Profit taking contributed to early weakness on Wall Street after the S&P 500 and the NASDAQ ended Monday’s trading at new record closing highs.
Traders may also be reluctant to make significant moves ahead of the release of the Labor Department’s closely watched monthly jobs report on Friday.
In economic news, the Conference Board reported a substantial deterioration in U.S. consumer sentiment in August.
Crude oil futures slipped Tuesday on concerns about likely excess supply in the market with OPEC and allies set to increase production, as well as the restoration of crude output in the U.S. after Hurricane Ida. West Texas Intermediate Crude oil futures for October fell $0.71 or 1 percent at $68.50 a barrel.
Market Analysis
Malaysia Bourse Expected To Run Out Of Steam On Wednesday
2021-08-31 23:30:12
