(RTTNews) – The Malaysia stock market has finished higher in two of three trading days since the end of the three-day losing streak in which it had slipped more than 20 points or 1.3 percent. The Kuala Lumpur Composite Index now sits just above the 1,535-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets offers little clarity as traders figure to wait and see what transpires over trade and tariff talks. The European markets were down and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The KLCI finished slightly higher on Monday following gains from the financial shares and mixed performances from the telecoms and plantations.
For the day, the index perked 1.44 points or 0.09 percent to finish at 1,537.51 after trading between 1,533.93 and 1,538.33.
Among the actives, 99 Speed Mart Retail advanced 0.89 percent, while AMMB Holdings added 0.39 percent, Axiata sank 0.78 percent, Celcomdigi improved 0.78 percent, CIMB Group and IHH Healthcare both gathered 0.15 percent, Gamuda fell 0.20 percent, Hong Leong Bank jumped 1.98 percent, IOI Corporation lost 0.53 percent, Kuala Lumpur Kepong retreated 1.36 percent, Maybank gained 0.31 percent, MISC slumped 0.92 percent, MRDIY and Sime Darby both shed 0.59 percent, Nestle Malaysia and Petronas Dagangan both skidded 0.83 percent, Petronas Chemicals plummeted 2.12 percent, PPB Group dropped 0.79 percent, Press Metal dipped 0.19 percent, Public Bank collected 0.46 percent, QL Resources rallied 1.77 percent, RHB Bank stumbled 1.56 percent, SD Guthrie rose 0.21 percent, Telekom Malaysia strengthened 1.50 percent, Tenaga Nasional perked 0.14 percent, YTL Corporation declined 1.23 percent, YTL Power climbed 1.46 percent and Maxis, Petronas Gas and Sunway were unchanged.
The lead from Wall Street is uninspired as the major averages opened lower on Monday and gradually ticked up into positive territory, finishing with mild gains.
The Dow added 88.14 points or 0.20 percent to finish at 44,459.65, while the NASDAQ gained 54.80 points or 0.27 percent to close at 20,640.33 and the S&P 500 rose 8.81 points or 0.14 percent to end at 6,268.56.
The choppy trading on Wall Street followed President Donald Trump’s threats to impose 30 percent tariffs on imports from the European Union and Mexico beginning Aug. 1. The EU responded that it will suspend the implementation of its trade countermeasures against the U.S. until early August to allow more time for a negotiated settlement.
Traders may be reluctant to make significant moves ahead of the release of some key economic data in the coming days, including reports on consumer and producer prices, retail sales and industrial production.
Earnings season also picks up steam this week, with Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS), Johnson & Jonson (JNJ) and Netflix (NFLX) among the big name companies due to report their quarterly results.
Crude oil prices slumped on Monday on continuing concerns over OPEC’s decision to increase output again next month. West Texas Intermediate crude for August delivery dropped $1.24 or 1.85 percent to $65.79 per barrel.
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