(RTTNews) – The Malaysian stock market has alternated between positive and negative finishes over the past six trading days since ending a two-day dip that saw it fall nearly 6 points or 0.4 percent. The Kuala Lumpur Composite Index is now just below the 1,460-point plateau and is likely to remain in that area again on Tuesday.
Global forecasts for Asian markets are mixed and flat ahead of the Federal Reserve’s monetary policy announcement later this week. European markets fell and US stocks were barely higher, and Asian markets could split the difference.
The KLCI ended barely lower on Monday after mixed performances by financial stocks, plantation stocks and telecom companies.
For the day, the index fell 1.04 points or 0.07 percent to end at 1,457.99, after trading between 1,452.86 and 1,458.46.
Among the active, Celcomdigi rose 1.13 percent, while CIMB Group lost 0.35 percent, Dialog Group plunged 2.27 percent, Genting Malaysia advanced 0.40 percent, IOI Corporation rose 6.12 percent, Kuala Lumpur Kepong plummeted by 7.89 percent, Maxis and Public Bank both gained 0.24 percent. Maybank rose 0.22 percent, MISC fell 0.56 percent, MRDIY fell 1.31 percent, Petronas Chemicals retreated 2.15 percent, PPB Group rose 1.27 percent, Press Metal fell 0.81 percent, RHB Capital rallied 0.71 percent, Sime Darby rose 3.26 percent, Sime Darby Plantations plummeted 2.84 percent. percent, Telekom Malaysia rose 0.20 percent, Tenaga Nasional climbed 0.80 percent, Westports Holdings added 0.30 percent and Genting, IHH Healthcare, Axiata, Nestle and Hong Leong Bank were unchanged.
Wall Street’s lead offers little guidance as the major averages opened lower on Monday, rose higher and spent most of the day in the green, but faded late to finish barely above the unchanged line.
The Dow Jones added 6.06 points or 0.02 percent to end at 34,624.30, while the NASDAQ rose 1.90 points or 0.01 percent to 13,710.24 and the S&P 500 rose 3.21 points or 0. rose 07 percent to end at 4,453.53.
The choppy trading on Wall Street came as traders appeared reluctant to make significant moves ahead of the Federal Reserve’s monetary policy announcement on Wednesday.
The Fed is widely expected to leave rates unchanged, but traders will keep a close eye on the accompanying statement and the central bank’s projections for clues about the rate outlook.
On the US economic front, the National Association of Home Builders released a report showing that US homebuilder confidence unexpectedly deteriorated in September.
Oil futures closed higher on Monday, rising for the third straight time on global supply issues and a weaker dollar. West Texas Intermediate crude futures rose $0.71, or 0.8 percent, to $91.48 a barrel in October, the highest settlement this year.
Closer to home, Malaysia will announce August figures for imports, exports and trade balance later today. Imports are expected to fall 18.5 percent year-on-year after a 15.9 percent decline in July. Exports are said to be down 14.6 percent year-on-year, after a decline of 13.1 percent in the previous month. The trade surplus was set at MYR13.30 billion, compared to MYR17.10 billion a month earlier.
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