(RTTNews) – The Malaysia stock market on Wednesday ended the three-day losing streak in which it had fallen almost 20 points or 1.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,610-point plateau and it may pick up steam on Thursday.
The global forecast for the Asian markets is murky amid rising tensions between the world’s two largest economies. The European markets were mostly lower and the U.S. bourses were mostly higher and the Asian markets figure to split the difference.
The KLCI finished barely higher on Wednesday following gains from the telecoms, weakness from the financials and mixed performances from the plantations and industrials.
For the day, the index perked 0.9 points or 0.01 percent to finish at 1,611.55 after trading between 1,611.12 and 1,619.58.
Among the actives, 99 Speed Mart Retail surged 3.63 percent, while Axiata rose 0.38 percent, Celcomdigi added 0.55 percent, CIMB Group eased 0.14 percent, Gamuda advanced 0.57 percent, IHH Healthcare perked 0.25 percent, IOI Corporation slumped 0.76 percent, Maxis soared 2.15 percent, MISC stumbled 1.64 percent, MRDIY rallied 1.17 percent, Nestle Malaysia climbed 0.59 percent, Petronas Chemicals sank 0.49 percent, Petronas Dagangan spiked 1.32 percent, Petronas Gas slipped 0.22 percent, PPB Group tumbled 1.45 percent, Press Metal shed 0.48 percent, Public Bank fell 0.24 percent, QL Resources plummeted 2.50 percent, Sime Darby lost 0.47 percent, SD Guthrie jumped 1.15 percent, Sunway gathered 0.35 percent, Telekom Malaysia gained 0.42 percent, Tenaga Nasional was down 0.15 percent, YTL Corporation skidded 1.15 percent, YTL Power dropped 0.74 percent and Kuala Lumpur Kepong, RHB Bank, Maybank and AMMB Holdings were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday but slumped midday and finished mixed.
The Dow dipped 17.15 points or 0.04 percent to finish at 46,253.31, while the NASDAQ jumped 148.38 points or 0.66 percent to end at 22,670.08 and the S&P 500 added 26.75 points or 0.40 percent to close at 6,671.06.
The continued volatility on Wall Street came as traders weighed upbeat earnings news against concerns about U.S.-China trade tensions and lingering worries about valuations.
In U.S. economic news, the Federal Reserve Bank of New York said New York manufacturing activity has seen a significant turnaround in October. Also, the Federal Reserve’s Beige Book said economic activity in the U.S. has shown little change since early September.
Crude oil prices fell on Wednesday following the rapid escalation of friction between the U.S. and China, while oversupply concerns also loom. West Texas Intermediate crude for November delivery was down $0.33 or 0.56 percent at $58.37 per barrel.
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