The Malaysia stock market on Monday snapped the three-day winning streak in which it had advanced almost 35 points or 2.2 percent. The Kuala Lumpur Composite Index now rests just above the 1,585-point plateau and it’s expected to open in the red again on Tuesday.
The global forecast for the Asian markets suggests mild consolidation on concerns over the outlook for interest rates, as well as profit taking among some of the more overbought bourses. The European markets were mixed and the U.S. markets were down and the Asian markets figure to split the difference.
The KLCI finished slightly lower on Monday as losses from the financial shares, telecoms and plantation stocks were mitigated by support from the glove makers.
For the day, the index dipped 4.10 points or 0.26 percent to finish at 1,587.16 after trading between 1,579.31 and 1,589.49. Volume was 2.445 billion shares worth 2.269 billion ringgit. There were 558 gainers and 398 decliners.
Among the actives, Axiata gained 0.26 percent, while CIMB Group eased 0.19 percent, Dialog Group retreated 1.44 percent, Digi.com tumbled 1.47 percent, Genting climbed 0.90 percent, Genting Malaysia rallied 1.79 percent, Hartalega Holdings jumped 1.87 percent, IHH Healthcare spiked 2.35 percent, INARI surged 3.96 percent, IOI Corporation sank 0.49 percent, Kuala Lumpur Kepong skidded 1.26 percent, Maybank plummeted 1.88 percent, Maxis dropped 0.48 percent, MISC added 0.55 percent, MRDIY slumped 0.57 percent, PPB Group advanced 0.82 percent, Public Bank declined 1.28 percent, Telekom Malaysia fell 0.21 percent, Tenaga Nasional plunged 1.80 percent, Top Glove soared 2.76 percent and Petronas Chemicals, Sime Darby Plantations, RHB Capital, Sime Darby and Press Metal were unchanged.
The lead from Wall Street is negative as the major averages spent most of Monday morning bouncing back and forth across the unchanged line before moving solidly lower in the afternoon and finishing that way.
The Dow tumbled 201.94 points or 0.58 percent to finish at 34,552.99, while the NASDAQ sank 55.38 points or 0.40 percent to close at 13,838.46 and the S&P 500 fell 1.94 points or 0.04 percent to end at 4,461.18.
The lower close on Wall Street came following comments from Federal Reserve Chair Jerome Powell, who suggested the central bank might raise interest rates more aggressively if inflation remains too high.
The pullback on Wall Street also reflected profit taking as lingering concerns about the Russian invasion of Ukraine and higher oil prices inspired traders to cash in on last week’s gains.
Crude oil prices hit a two-week high on Monday amid concerns over the ongoing invasion of Ukraine and on expectations the EU might impose a ban on Russian oil. West Texas Intermediate Crude oil futures for April ended higher by $7.42 or 7.1 percent at $112.12 a barrel.
Market Analysis
Soft Start Anticipated For Malaysia Stock Market
2022-03-21 23:30:07
