New Consolidation Called for Malaysian Stock Market

(RTTNews) – The Malaysian stock market rebounded again on Tuesday, a session after ending the three-day winning streak in which it had risen more than 15 points or 1%. The Kuala Lumpur Composite Index now sits just above the 1,570-point plateau, although it is expected to head south again on Wednesday.

The overall forecast for Asian markets suggests a consolidation of concerns about the outlook for interest rates. European markets were mixed and US stock markets were down and Asian markets are also expected to open in the red.

The KLCI ended sharply higher on Tuesday after gains in financials, telecoms, industrials and glove makers.

For the day, the index climbed 27.08 points or 1.75% to end at the daily high of 1,570.10 after falling as low as 1,537.95. The volume was 3.798 billion shares worth 6.116 billion ringgit. There were 535 winners and 395 decliners.

Among assets, Axiata lost 0.62%, while CIMB Group gained 1.98%, Dialog Group climbed 5.19%, rose 3.22%, Genting gained 1.93 %, Genting Malaysia gained 2.04%, Hartalega Holdings jumped 3.19%, IHH Healthcare rose 2.29%. percent, INARI accelerated 4.07 percent, IOI Corporation rose 1.65 percent, Kuala Lumpur Kepong sank 0.93 percent, Maybank collected 1.34 percent, Maxis jumped 5 .28 percent, MISC fell 0.55 percent, MRDIY plunged 4.41 percent, Petronas Chemicals rose 2.60 percent, Petronas Dagangan soared 7.84 percent, Press Metal rose 0.73 percent, Public Bank rose 3.05 percent, RHB Capital rose 2.88 percent, Sime Darby Plantations rose 1.00 percent, Telekom Malaysia rose 4 .08 percent, Tenaga Nasional fell 1.08 percent, Top Glove rose 0.72 percent and PPB Group and Sime Darby were unchanged.

Wall Street’s lead is negative as the major averages opened sharply lower on Tuesday, pared some of the losses as the day progressed but still ended firmly in the red.

The Dow Jones lost 222.84 points or 0.67% to end at 32,990.12, while the NASDAQ slipped 49.74 points or 0.41% to close at 12,081.39 and the S&P 500 fell. fell 26.09 points or 0.63% to end at 4,132.15.

The first pressure on Wall Street came after Federal Reserve Governor Christopher Waller reportedly said he favored a 50 basis point hike at every meeting until there was a substantial cut. inflation – and Treasury yields rose in response.

In terms of economic news, the Conference Board noted a slight drop in US consumer confidence in May.

Crude oil prices rebounded from a two-month high on Tuesday and ended slightly lower on reports that OPEC may suspend Russia’s participation in an oil production deal. West Texas Intermediate crude oil futures ended down $0.40 or 0.35% at $114.67 a barrel after hitting $119.98 a barrel earlier in the day.

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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