The Malaysian stock market experienced a decline for the second consecutive session, with the Kuala Lumpur Composite Index (KLCI) losing over 25 points or 1.3%. The index currently hovers just above the 1,575 mark and may find some support on Wednesday.
The forecast for Asian markets remains unclear due to mixed signals regarding interest rate prospects. Given the European and U.S. markets were mixed with little significant change, it is expected that Asian markets might exhibit a similar trend.
On Tuesday, the KLCI closed slightly lower after experiencing losses within the plantation and industrial sectors. However, the financial and telecommunications sectors displayed a mixed performance.
The index dropped by 9.13 points, equivalent to a 0.58% decline, closing at its daily low of 1,576.46, after reaching a peak at 1,599.43 during the day.
In terms of individual performances, 99 Speed Mart Retail dipped 0.87%, Axiata saw a strong rise of 4.02%, CIMB Group fell 1.60%, Gamuda decreased by 1.46%, and IHH Healthcare went down by 0.28%. Additionally, IOI Corporation dropped by 0.79%, Kuala Lumpur Kepong fell by 2.18%, while Maybank rose by 1.19%. Nestle Malaysia edged up slightly, gaining 0.22%, Petronas Chemicals declined by 0.63%, Petronas Dagangan increased by 1.35%, and Petronas Gas experienced a marginal increase of 0.11%. PPB Group advanced by 0.66%, whereas Press Metal declined by 0.64%, Public Bank saw a downturn of 1.12%, QL Resources spiked by 1.55%, RHB Bank slipped 0.16%, Sime Darby rose 1.38%, SD Guthrie dropped 1.45%, Sunway fell sharply by 5.35%, Telekom Malaysia gained 0.61%, Tenaga Nasional decreased by 0.58%, YTL Corporation plunged 5.22% and YTL Power fell by 4.75%. Companies such as MISC, MRDIY, Maxis, and Celcomdigi remained unchanged.
From Wall Street, there is little directional guidance as major indices started Tuesday on a positive note only to quickly lose momentum, ending the day with mixed results. The Dow Jones Industrial Average rose by 221.16 points or 0.52% to close at 42,518.28. Meanwhile, the NASDAQ dipped by 43.71 points or 0.23% to end at 19,044.39, and the S&P 500 inched up by 6.69 points or 0.11% to settle at 5,842.91.
An initial surge on Wall Street followed a Labor Department report showing that producer prices increased slightly less than anticipated in December. This tempered inflation concerns and, by extension, interest rates, though the higher annual growth rate kept investor enthusiasm muted.
Traders appeared cautious, possibly due to anticipation of an upcoming critical report on consumer price inflation set for release later today.
Investor attention shifted, leading to a retreat in oil prices from their previous five-month highs on Tuesday. Focus centered on the potential repercussions of proposed tariffs on imports by Donald Trump. As a result, West Texas Intermediate crude oil futures for February settled lower by $1.32 or 1.67%, at $77.50 per barrel.
The material has been provided by InstaForex Company -
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