Little Movement Predicted For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved lower in back-to-back sessions, although it has slipped just 3 points or 0.2 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,430-point plateau and it is again expected to remain in that neighborhood on Wednesday.

The global forecast for the Asian markets is murky amid mixed economic and earnings data. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets are expected to follow the latter lead.

The KLCI finished slightly lower on Tuesday following losses from the financials, gains from the plantations and a mixed picture from the telecoms.

For the day, the index eased 2.54 points or 0.18 percent to finish at 1,432.36 after trading between 1,429.59 and 1,435.47.

Among the actives, Axiata added 0.67 percent, while CIMB Group eased 0.19 percent, Dialog Group declined 1.69 percent, Digi.com jumped 1.13 percent, Genting gathered 0.21 percent, Genting Malaysia advanced 0.76 percent, INARI dropped 0.85 percent, IOI Corporation climbed 1.04 percent, Kuala Lumpur Kepong improved 0.65 percent, Maxis gained 0.47 percent, MISC fell 0.28 percent, PPB Group sank 0.72 percent, Press Metal surrendered 1.94 percent, Public Bank collected 0.25 percent, RHB Capital lost 0.36 percent, Sime Darby rose 0.46 percent, Sime Darby Plantations rallied 2.38 percent, Telekom Malaysia retreated 1.20 percent, Tenaga Nasional tumbled 1.96 percent and IHH Healthcare, Maybank, MRDIY, Petronas Chemicals, Petronas Gas and QL Resources were unchanged.

The lead from Wall Street provides little guidance as the major averages opened mixed and hugged the unchanged line throughout the session, finally ending on opposite sides and barely moved.

The Dow shed 10.55 points or 0.03 percent to finish at 33,976.63, while the NASDAQ dipped 4.31 points or 0.04 percent to close at 12,153.41 and the S&P 600 rose 3.55 points or 0.09 percent to end at 4,154.87.

Traders were unhappy with remarks from St. Louis Federal Reserve Bank President James Bullard, who said that he favored continued interest-rate hikes to counter persistent inflation and added that recession fears are overblown.

In economic news, the Commerce Department said U.S. housing starts slid by 0.8 percent to an annual rate of 1.420 million in March from a revised rate of 1.432 million in February.

In earnings news, Bank of America, Johnson & Johnson and Netflix all beat the street, while Goldman Sachs and United Airlines missed expectations.

Oil futures settled slightly higher Tuesday as traders assessed Chinese GDP numbers and data showing a drop in eurozone and German investor sentiment. West Texas Intermediate Crude oil futures for May rose $0.03 at $80.86 a barrel.

Closer to home, Malaysia will release March figures for imports, exports and trade balance later today. Imports are expected to rise 1.7 percent on year, slowing from 12.4 percent in February. Exports are called lower by an annual 3.5 percent after climbing 9.8 percent in the previous month. The trade surplus is pegged at MYR19.80 billion, up from MYR19.80 billion a month earlier.