Ahead of Wednesday’s holiday for Vesak Day, the Malaysia stock market had moved higher in back-to-back trading days, gathering more than 15 points or 1 percent along the way. The Kuala Composite Index now rests just above the 1,575-point plateau and it may add to its winnings on Thursday.
The global forecast for the Asian markets is cautiously optimistic, supported by oil and technology stocks. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The KLCI finished modestly higher on Tuesday following gains from the telecoms, mixed performances from the financials and plantations and weakness from the glove makers.
For the day, the index added 6.00 points or 0.38 percent to finish at the daily high of 1,577.82 after trading as low as 1,567.37. Volume was 6.335 billion shares worth 3.84 billion ringgit. There were 582 gainers and 464 decliners.
Among the actives, Axiata rose 0.29 percent, while CIMB Group and Public Bank both collected 0.24 percent, Dialog Group spiked 2.43 percent, Digi.com soared 2.74 percent, Genting jumped 2.08 percent, Genting Malaysia accelerated 2.23 percent, Hartalega Holdings plummeted 2.64 percent, IHH Healthcare added 0.39 percent, IOI Corporation advanced 0.49 percent, Kuala Lumpur Kepong rallied 0.99 percent, Maybank eased 0.12 percent, Maxis and Sime Darby Plantations both fell 0.22 percent, MISC advanced 0.74 percent, Petronas Chemicals gathered 1.01 percent, PPB Group and Petronas Dagangan both were up 0.11 percent, Press Metal perked 1.76 percent, Sime Darby surged 3.64 percent, Supermax tumbled 0.89 percent, Telekom Malaysia climbed 1.03 percent, Tenaga Nasional gained 0.30 percent, Top Glove plunged 1.14 percent and RHB Capital and Hong Leong Bank were unchanged.
The lead from Wall Street offers mild support as the major averages shook off a sluggish start on Wednesday and managed to finish in the green.
The Dow rose 10.59 points or 0.03 percent to finish at 34,323.05, while the NASDAQ climbed 80.82 points or 0.59 percent to close at 13,738.00 and the S&P 500 added 7.86 points or 0.19 percent to end at 4,195.99.
The modest strength on Wall Street reflected continued economic optimism as the country continues to reopen following the coronavirus pandemic as an increasing number of Americans receive a coronavirus vaccine.
But buying interest remained subdued as traders look ahead to Friday’s closely watched inflation reading, which could directly affect the current levels of stimulus.
Crude oil futures settled higher on Wednesday, rising for a fourth straight session as data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for July ended up $0.14 or 0.2 percent at $66.21 a barrel.
Market Analysis
Win Streak Poised To Continue For Malaysia Stock Market
2021-05-26 23:33:27
