(RTTNews) – The Malaysia stock market on Tuesday wrote a finish to the three-day winning streak in which it had collected almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,580-point plateau although it’s likely to rebound on Wednesday.
The global forecast for the Asian markets is cautiously optimistic, with tech shares likely to rise ahead of key earnings news later in the day. The European markets were down and the U.S. bourses were up and the Asian markets figures to follow the latter lead.
The KLCI finished sharply lower on Tuesday following losses from the financial shares, plantation stocks and telecoms.
For the day, the index stumbled 20.86 points or 1.30 percent to finish at 1,581.59 after trading between 1,581.59 and 1,604.52.
Among the actives, 99 Speed Mart Retail rose 0.40 percent, while Axiata dipped 0.39 percent, Celcomdigi declined 1.88 percent, CIMB Group skidded 1.33 percent, Gamuda sank 1.06 percent, IHH Healthcare was down 0.29 percent, Kuala Lumpur Kepong lost 0.81 percent, Maxis slipped 2.19 percent, Maybank shed 1.02 percent, MISC surrendered 2.19 percent, Nestle Malaysia slid 0.54 percent, Petronas Chemicals surged 3.08 percent, Petronas Dagangan tanked 3.51 percent, Petronas Gas stumbled 2.11 percent, PPB Group plummeted 6.58 percent, Press Metal retreated 2.09 percent, Public Bank contracted 2.00 percent, RHB Bank slumped 1.37 percent, Sime Darby gave up 2.41 percent, SD Guthrie dropped 1.18 percent, Sunway gained 0.42 percent, Telekom Malaysia added 0.56 percent, Tenaga Nasional tumbled 2.04 percent, YTL Corporation fell 0.75 percent, YTL Power plunged 3.98 percent and QL Resources, IOI Corporation, AMMB Holdings and MRDIY were unchanged.
The lead from Wall Street is mildly positive as the major averages were flat for much of Tuesday before a late push nudged them up into the green at the close.
The Dow gained 135.60 points or 0.30 percent to finish at 45,418.07, while the NASDAQ added 94.98 points or 0.44 percent to close at 21,544.27 and the S&P 500 rose 26.62 points or 0.41 percent to end at 6,465.94.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of earnings news from Nvidia (NVDA), with the AI darling and market leader due to report its second quarter results later today.
Traders are also keeping an eye on the latest developments in Washington after President Donald Trump said he is removing Fed Governor Lisa Cook from her position. Trump accused her of making false statements on one or more mortgage agreements.
Meanwhile, Trump has threatened to impose “substantial additional tariffs” on countries that do not remove digital taxes and related regulations that harm U.S. tech companies.
Crude oil prices moved sharply lower on Tuesday, reflecting concerns about erratic U.S. trade policies. West Texas Intermediate crude for October delivery tumbled $1.55 or 2.4 percent to $63.25 a barrel.
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