Malaysia Stock Market May See Support On Wednesday

(RTTNews) - The Malaysia stock market has tracked lower in two straight sessions, giving away more than 5 points or 0.3 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,520-point plateau although it may find traction on Wednesday.

The global forecast for the Asian markets offers little clarity as the markets figure to stagnate amidst a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are likely to follow that lead.

The KLCI finished modestly lower on Tuesday as losses from the telecoms and plantations were tempered by support from the financial shares. For the day, the index fell 5.19 points or 0.34 percent to finish at 1,519.40 after trading between 1,518.75 and 1,527.90. Among the actives, 99 Speed Mart Retail rallied 1.34 percent, while Axiata slumped 1.16 percent, CIMB Group added 0.46 percent, Gamuda declined 1.33 percent, IHH Healthcare slid 0.45 percent, IOI Corporation fell 0.53 percent, Kuala Lumpur Kepong plummeted 2.36 percent, Maxis dropped 0.85 percent, Maybank rose 0.11 percent, MISC advanced 0.93 percent, MRDIY jumped 1.89 percent, Nestle Malaysia climbed 1.17 percent, Petronas Chemicals skidded 0.89 percent, Petronas Dagangan dipped 0.28 percent, Petronas Gas tumbled 1.46 percent, PPB Group plunged 1.89 percent, Press Metal tanked 1.88 percent, Public Bank collected 0.23 percent, QL Resources eased 0.22 percent, RHB Bank shed 0.65 percent, Sime Darby lost 0.61 percent, SD Guthrie and Hong Leong Bank both slipped 0.42 percent, Sunway stumbled 1.84 percent, YTL Corporation sank 0.82 percent, YTL Power retreated 1.67 percent and Telekom Malaysia, Tenaga Nasional and Celcomdigi were unchanged.

The lead from Wall Street is murky as the major averages opened on opposite sides of the unchanged line and finished the same way.

The Dow climbed 179.37 points or 0.40 percent to finish at 44,502.44, while the NASDAQ shed 81.49 points or 0.39 percent to close at 20,892.69 and the S&P 500 perked 4.02 points or 0.06 percent to end at a fresh record high of 6,309.62.

Profit taking contributed to the initial weakness on Wall Street after the NASDAQ and the S&P ended the previous session at record closing highs, while a negative reaction to earnings news also weighing on the markets.

Shares of General Motors (GM) plunged after the automaker reported Q2 earnings that exceeded estimates but were down sharply on year. Leading global security, defense and aerospace contractor Lockheed Martin (LMT) also tumbled on weaker than expected second quarter revenues.

Crude oil moved lower for a third straight session on Tuesday as continuing uncertainty on tariff negotiations between the U.S. and its trading partners has increased demand concerns. West Texas Intermediate crude closed down by $0.99 to settle at $66.21 per barrel.