(RTTNews) – The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had gathered almost 10 points or 0.6 percent. The Kuala Lumpur Composite Index now sits just above the 1,510-point plateau and it figures to remain rangebound again on Thursday.
The global forecast for the Asian markets is murky, as investors wait to see if there’s any slowdown in the Iran/Israel conflict. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow that lead.
The KLCI finished barely higher on Wednesday following mixed performances from the financial shares, plantation stocks and telecoms.
For the day, the index perked 0.31 points or 0.02 percent to finish at 1,511.95 after trading between 1,509.42 and 1,512.96.
Among the actives, 99 Speed Mart Retail stumbled 0.93 percent, while Axiata added 0.48 percent, Celcomdigi fell 0.26 percent, CIMB Group dipped 0.15 percent, Gamuda gained 0.42 percent, IHH Healthcare sank 0.58 percent, IOI Corporation was up 0.28 percent, Kuala Lumpur Kepong gathered 0.30 percent, Maxis lost 0.54 percent, Maybank rallied 0.73 percent, MISC slumped 0.66 percent, MRDIY soared 1.83 percent, Nestle Malaysia eased 0.11 percent, Petronas Chemicals dropped 0.61 percent, Petronas Dagangan jumped 0.75 percent, Petronas Gas rose 0.33 percent, PPB Group plummeted 3.53 percent, Press Metal skidded 0.20 percent, Public Bank and YTL Corporation both collected 0.47 percent, QL Resources skidded 0.65 percent, Sime Darby surged 3.03 percent, SD Guthrie retreated 0.87 percent, Sunway declined 0.84 percent, Tenaga Nasional shed 0.56 percent, YTL Power advanced 0.54 percent and RHB Bank, Telekom Malaysia and Hong Leong Bank were unchanged.
The lead from Wall Street offers little clarity as the major averages spent most of Wednesday’s trade in positive territory before turning lower and ending mixed and little changed.
The Dow shed 44.14 points or 0.10 percent to finish at 42,171.66, while the NASDAQ rose 25.18 points or 0.13 percent to close at 19,546.27 and the S&P 500 eased 1.85 points or 0.03 percent to end at 5,980.87.
The lackluster day on Wall Street came after the Federal Reserve announced its widely expected decision to leave interest rates unchanged. Fed officials still seem to expect to two interest rate cuts this year, lowering the rate to a range of 4.0 percent to 3.75 percent by the end of 2025.
In economic news, the Labor Department said first-time claims for U.S. jobless benefits edged modestly lower last week. Also, the Commerce Department saw a steep drop by new residential construction in the U.S. in the month of May.
Crude oil price ticked higher on Wednesday as the Israel-Iran conflict, which began with Israeli airstrikes on June 12, entered the sixth straight day with casualties increasing on both sides. West Texas Intermediate crude for July delivery rose by $0.30 to settle at $75.15 per barrel.
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