(RTTNews) - The Malaysia stock market has finished lower in two straight sessions, sinking more than 25 points or 1.7 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,540-point plateau and it's looking at a steady start for Wednesday's trade.
The global forecast for the Asian markets is mixed to higher, with support from oil stocks tempered by weakness from technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The KLCI finished modestly lower on Tuesday following losses from the plantations and glove makers, while the financials were mixed.
For the day, the index lost 7.15 points or 0.46 percent to finish at 1,541.90 after trading between 1,536.52 and 1,551.33. Volume was 3.518 billion shares worth 1.931 billion ringgit. There were 524 gainers and 383 decliners.
Among the actives, CIMB Group retreated 1.28 percent, while Digi.com skidded 0.98 percent, Genting climbed 1.06 percent, Genting Malaysia jumped 1.72 percent, Hartalega Holdings tumbled 2.13 percent, Hong Leong Financial rallied 1.50 percent, IHH Healthcare slumped 0.73 percent, INARI declined 1.48 percent, IOI Corporation plunged 2.31 percent, Kuala Lumpur Kepong eased 0.09 percent, Maybank collected 0.36 percent, Maxis tanked 2.17 percent, MISC dipped 0.14 percent, MRDIY sank 0.55 percent, Petronas Chemicals rose 0.23 percent, PPB Group surrendered 1.99 percent, Press Metal perked 0.71 percent, Public Bank fell 0.48 percent, RHB Capital advanced 0.93 percent, Telekom Malaysia stumbled 0.91 percent, Tenaga Nasional lost 0.54 percent, Top Glove plummeted 2.51 percent and Sime Darby, Sime Darby Plantations, Axiata and Dialog Group were unchanged.
The lead from Wall Street is mixed as the Dow opened higher and stayed that way, the NASDAQ opened lower and stayed that way and the S&P opened higher but fell into the red.
The Dow spiked 214.59 points or 0.59 percent to a record 36,799.65, while the NASDAQ tumbled 210.08 points or 1.33 percent to close at 15,622.72 and the S&P 500 eased 3.02 points or 0.06 percent to end at 4,793.54.
The sharp pullback by NASDAQ reflected substantial weakness among software and biotechnology stocks, while financials fueled the Dow.
The continued advance by the Dow also came as traders remain optimistic about the economic outlook even as the U.S. reported more than 1 million new Covid cases on Monday. Indications the new Omicron variant causes milder symptoms has led to hopes the recent surge could actually help to accelerate the end of the pandemic.
Crude oil prices climbed higher on Tuesday after OPEC said it would stick to its plan to raise monthly crude production by 400,000 barrels per day in February. West Texas Intermediate crude oil futures for February ended higher by $0.91 or 1.2 percent at $76.99 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.
