Malaysia Bourse Due For Profit Taking On Wednesday

(RTTNews) - The Malaysia stock market has moved higher in four straight sessions, collecting more than 35 points of 2.3 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,650-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets offers little clarity, although any lack of general support should be limited by support from the technology shares. The European markets were soft and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Tuesday as the financial shares, industrials and plantations were mostly in the green.

For the day, the index rose 4.59 points or 0.28 percent to finish at 1,648.31 after trading between 1,636.50 and 1,648.71. Among the actives, 99 Speed Mart Retail surged 2.82 percent, while Celcomdigi sank 0.60 percent, CIMB Group climbed 0.63 percent, Gamuda slumped 0.83 percent, IHH Healthcare perked 0.23 percent, IOI Corporation vaulted 0.99 percent, MRDIY dropped 0.67 percent, Nestle Malaysia advanced 0.62 percent, Petronas Chemicals jumped 1.13 percent, Petronas Dagangan and Tenaga Nasional both improved 0.31 percent, Petronas Gas added 0.57 percent, PPB Group rallied 1.20 percent, Press Metal dipped 0.14 percent, Public Bank shed 0.45 percent, QL Resources tumbled 1.00 percent, RHB Bank spiked 1.59 percent, Sime Darby strengthened 1.02 percent, SD Guthrie accelerated 1.31 percent, Sunway gained 0.54 percent, Telekom Malaysia expanded 0.76 percent, YTL Corporation rose 0.47 percent, YTL Power soared 1.80 percent and AMMB Holdings, Axiata, Kuala Lumpur Kepong, Maxis, Maybank and MISC were unchanged.

The lead from Wall Street is weak as the major averages hugged the line from below for most of the day, although the NASDAQ managed to break into the green.

The Dow slumped 302.30 points or 0.62 percent to finish at 48,114.26, while the NASDAQ added 54.05 points or 0.23 percent to close at 23,111.46 and the S&P 500 slipped 16.25 points or 0.24 percent to end at 6,800.26.

The choppy trading on Wall Street followed the release of the Labor Department's report on employment in November.

Most economists said the data has increased the likelihood the Federal Reserve will continue cutting interest rates in the near future, but the report also raised concerns about the strength of the economy.

A separate report released by the Commerce Department showed retail sales in the U.S. were roughly flat in October.

Crude oil prices extended recent losses Tuesday on lingering oversupply concerns, especially if an end to hostilities between Russia and Ukraine could exacerbate the supply glut. West Texas Intermediate crude for January delivery was down $1.57 or 2.8 percent to $55.25 per barrel.