Malaysian stock market could find ground on Wednesday


(RTTNews) – The Malaysian stock market has fallen over consecutive trading days, losing nearly 10 points or 0.7% along the way. The Kuala Lumpur Composite Index now sits just above the 1490 point plateau, although it could stop the bleeding on Wednesday.

Global forecasts for Asian markets are optimistic about allaying concerns over Covid and soaring oil prices. The European and US markets were up and Asian stock exchanges are expected to open similarly.

The KLCI barely finished lower on Tuesday following losses from glove makers, gains from financials and mixed performance from telecoms and plantations.

For the day, the index lost 1.31 points or 0.09% to end at 1,492.59 after trading between 1,490.01 and 1,496.24. The volume was 2.452 billion shares worth 1.666 billion ringgit. There were 449 declining and 355 winning.

Among assets, Axiata jumped 1.94 percent, while CIMB Group added 0.76 percent, Dialog Group gained 0.42 percent, fell 0.77 percent, Genting a lost 0.45 percent, Hartalega Holdings plunged 1.86 percent, INARI was up 0.80 percent, IOI Corporation slipped 1.10 percent. , Kuala Lumpur Kepong rose 0.09%, Maybank collected 0.37%, MISC fell 1.30%, MRDIY fell 0.88%, Petronas Chemicals rose 0.11%, PPB Group fell 1.32%, Press Metal lost 1.33%, Public Bank rose 0.25%, RHB Capital and Telekom Malaysia both rose 0.19%, Sime Darby fell 0.92 %, Sime Darby Plantations rose 2.54%, Tenaga Nasional lost 0.43%, Top Glove fell 4.55% and Hong Leong Financial, Maxis, Genting Malaysia, IHH Healthcare and Hong Leong Bank remained unchanged . .

Wall Street’s lead is solid as major averages opened higher on Tuesday and accelerated to the close, finishing near daily highs.

The Dow Jones jumped 560.54 points or 1.60% to close at 35,492.70, while the NASDAQ climbed 360.14 points or 2.40% to close at 15,341.09 and the S&P 500 jumped 81.21 points or 1.78% to finish at 4,649.23.

The bargain hunt contributed to Wall Street’s strength as traders recovered stocks to reduced levels following recent weakness. Monday’s sharp drop took NASDAQ to its lowest closing level in more than two months.

The rebound follows a report from Moderna (MRNA) on the effectiveness of a booster dose of its Covid-19 vaccine against the Omicron variant – which said that a booster dose of its Covid-19 vaccine increased the antibody levels against Omicron.

Crude oil futures stabilized sharply higher on Tuesday as prices rebounded from losses in the previous two sessions. West Texas Intermediate crude oil futures for February ended $ 2.51 or 3.7% at $ 71.12 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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