Best Stocks to Buy – Malaysia Stock Market May Take Further Damage On Wednesday
(RTTNews) – The Malaysia stock market on Tuesday snapped the two-day winning streak in which it had collected almost 15 points or 0.9 percent. The Kuala Composite Index now rests just beneath the 1,610-point plateau and the losses may accelerate on Wednesday.
The global forecast for the Asian markets is mixed to lower on bond yield concerns and sliding oil prices. The European markets were up and the U.S. bourse were down and the Asian markets are tipped to split the difference.
The KLCI finished slightly higher on Tuesday as gains from the financials and plantations were capped by weakness form the glove makers.
For the day, the index eased 2.09 points or 0.13 percent to finish at 1,609.19 after trading between 1,601.08 and 1,610.61. Volume was 5.782 billion shares worth 3.590 billion ringgit. There were 649 decliners and 414 gainers.
Among the actives, Axiata tanked 1.56 percent, while CIMB Group added 0.45 percent, Dialog Group spiked 1.27 percent, Digi.com tumbled 1.33 percent, Genting skidded 0.77 percent, Genting Malaysia and Hartalega Holdings both fell 0.32 percent, IHH Healthcare surged 2.45 percent, Kuala Lumpur Kepong climbed 0.78 percent, Maybank collected 0.24 percent, MISC rose 0.14 percent, PPB Group was up 0.11 percent, Press Metal jumped 1.00 percent, Public Bank rallied 1.18 percent, RHB Capital and Petronas Gas both gained 0.37 percent, Sime Darby accelerated 1.24 percent, Sime Darby Plantations soared 2.11 percent, Supermax plunged 4.13 percent, Telekom Malaysia tumbled 0.97 percent, Tenaga Nasional advanced 0.58 percent, Top Glove plummeted 5.35 percent and IOI Corporation, Maxis, Petronas Chemicals and Hong Leong Bank were unchanged.
The lead from Wall Street is negative as stocks opened lower on Tuesday, regained some ground as the day progressed but still ended in the red.
The Dow dropped 104.41 points or 0.31 percent to finish at 33,066.96, while the NASDAQ fell 14.25 points or 0.11 percent to end at 13,045.39 and the S&P 500 slipped 12.54 points or 0.32 percent to close at 3,958.55.
The early weakness on Wall Street came as treasury yields extended the strong upward move seen on Monday, weighing on high-growth technology stocks.
The yield on the benchmark ten-year note climbed to its highest level in over a year amid optimism about the coronavirus vaccine rollouts and the economy reopening as well as President Joe Biden‘s infrastructure plan.
In economic news, the Conference Board said consumer confidence skyrocketed more than expected in March, hitting its highest level in a year.
Crude oil prices drifted lower on Tuesday after shipping traffic resumed through the Suez Canal. Traders were also weighing the impact of a surge in coronavirus cases and extended lockdown measures in Europe on near-term energy demand. West Texas Intermediate Crude oil futures for May fell $1.01 or 1.6 percent at $60.55 a barrel.
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