Malaysia stock market may see continued consolidation

KUALA LUMPUR, Apr 13, 2021, RTTNews. The Malaysia stock market on Monday wrote a finish to the three-day winning streak in which it had collected almost 35 points or 2.1 percent. The Kuala Composite Index now rests just beneath the 1,610-point plateau and it may take further damage on Tuesday, Nasdaq.com reported.

The global forecast for the Asian markets suggests mild consolidation amidst a lack of catalysts, with support from crude oil prices limiting the downside. The European and U.S. markets were slightly lower and the Asian bourses are also tipped to open in the red.

The KLCI finished modestly lower on Monday following losses from the plantation stocks and mixed performances from the financials and glove makers.

For the day, the index dipped 3.83 points or 0.24 percent to finish at 1,608.42 after trading between 1,603.32 and 1,613.96. Volume was 5.827 billion shares worth 3.351 billion ringgit. There were 667 decliners and 411 gainers.

Among the actives, Axiata plummeted 4.38 percent, while CIMB Group and RHB Capital both retreated 0.93 percent, Dialog Group advanced 0.65 percent, Digi.com plunged 3.36 percent, Genting tumbled 1.34 percent, Genting Malaysia sank 0.65 percent, Hartalega Holdings tanked 1.92 percent, IHH Healthcare spiked 1.51 percent, IOI Corporation dropped 0.48 percent, Kuala Lumpur Kepong lost 0.35 percent, Maybank collected 0.36 percent, Maxis fell 0.21 percent, MISC shed 0.43 percent, Petronas Chemicals surged 1.92 percent, PPB Group added 0.54 percent, Press Metal soared 1.60 percent, Public Bank rose 0.24 percent, Sime Darby Plantations declined 0.66 percent, Supermax was up 0.22 percent, Telekom Malaysia skidded 1.15 percent, Top Glove gained 0.38 percent and Sime Darby and Tenaga Nasional were unchanged.

The lead from Wall Street is soft as the major opened in the red on Monday and largely remained that way, finishing with modest losses.

The Dow shed 55.20 points or 0.16 percent to finish at 33,745.40, while the NASDAQ lost 50.19 points or 0.36 percent to end at 13,850.00 and the S&P 500 eased 0.81 points or 0.02 percent to close at 4,127.99.

The lower open on Wall Street came on concerns about a new wave of coronavirus cases and lockdown measures, although the surging number of vaccinations limited the downside for the markets.

Also providing support, Federal Reserve Chairman Jerome Powell reiterated on Sunday that the central bank wants to see inflation rise about its 2 percent target for an extended period before the monetary policy committee moves to raise interest rates.

Crude oil prices moved higher on Monday as progress in coronavirus vaccination rollout and reports about an attack on Saudi Arabian oil facilities helped lift oil prices. West Texas Intermediate Crude oil futures for May ended up $0.38 or 0.6 percent at $59.70 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.

Tags: Malaysia