Rebound Predicted For Malaysia Stock Market

(RTTNews) - The Malaysia stock market headed south again on Tuesday, one day after ending the two-day slide in which it had slumped almost 20 points or 1.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is mixed to higher, with support again expected from the oil and technology sectors. The European markets were down and the U.S. bourses were mostly higher and the Asian markets are tipped to follow the latter lead.

The KLCI finished slightly lower on Tuesday following losses from the plantations and a mixed picture from the financials, industrials and telecoms.

For the day, the index dipped 1.70 points or 0.11 percent to finish at 1,602.34 after trading between 1,601.02 and 1,608.88.

Among the actives, Axiata slumped 0.88 percent, while Celcomdigi added 0.89 percent, CIMB Group collected 0.37 percent, Genting spiked 1.85 percent, Genting Malaysia rallied 1.40 percent, IHH Healthcare rose 0.55 percent, IOI Corporation stumbled 1.25 percent, Kuala Lumpur Kepong and Sime Darby both lost 0.45 percent, Maxis soared 2.24 percent, Maybank declined 0.97 percent, MISC gained 0.66 percent, MRDIY climbed 1.09 percent, Petronas Chemicals gathered 0.44 percent, PPB Group dropped 0.71 percent, Press Metal tumbled 1.71 percent, Public Bank retreated 1.33 percent, QL Resources skidded 0.84 percent, RHB Bank was up 0.15 percent, SD Guthrie sank 0.61 percent, Sunway surged 2.75 percent, Telekom Malaysia advanced 0.95 percent, Tenaga Nasional perked 0.42 percent, YTL Corporation jumped 1.52 percent and YTL Power, Nestle Malaysia and Hong Leong Financial were unchanged.

The lead from Wall Street is cautiously optimistic after the major averages opened lower on Tuesday, although the NASDAQ and S&P 500 managed to finish in the green.

The Dow slumped 120.66 points or 0.28 percent to finish at 43,268.94, while the NASDAQ rallied 195.66 points or 1.04 percent to close at 18.987.47 and the S&P added 23.36 points or 0.40 percent to end at 5,916.98.

The early weakness on Wall Street came amid concerns about escalating tensions between the U.S. and Russia over the war in Ukraine.

After President Joe Biden gave Ukraine permission to attack Russian territory using U.S.-made long-range missiles, Russian President Vladimir Putin has signed a decree amending the country's nuclear doctrine.

Selling pressure waned shortly after the start of trading, however, with an advance by shares of Nvidia (NVDA) helping lead the turnaround by the NASDAQ. Nvidia will release Q3 results later today.

Oil futures settled higher on Tuesday amid the rising possibility of supply disruptions after Ukraine launched long-range U.S. made missiles to hit a facility in Russia's Bryansk region. West Texas Intermediate Crude oil futures for December rose $0.23 or about 0.3 percent at $69.39 a barrel.

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