The Malaysian stock market has endured a decline over the last three consecutive trading days, losing almost 15 points or 0.9%. As a result, the Kuala Lumpur Composite Index (KLCI) now hovers just above the 1,615 mark, and it is expected to stay around that level on Wednesday.
The global outlook for Asian markets is mixed and largely flat, primarily due to impending economic data releases and uncertainty surrounding interest rates. While European markets experienced declines, U.S. markets were mixed, suggesting that Asian markets might show a varied response.
On Tuesday, the KLCI closed marginally lower amid declines in the telecommunications sector and mixed results in the plantations and financial segments.
The KLCI slipped 2.45 points or 0.15%, closing at 1,615.82, with trading fluctuating between 1,612.96 and 1,622.93.
For individual performances: Axiata fell by 0.35%, and Celcomdigi dropped significantly by 1.96%. CIMB Group, however, gained 0.14%. Genting saw a substantial rise of 1.47%, while Genting Malaysia increased by 0.72%. Conversely, IHH Healthcare decreased by 1.43%, IOI Corporation dipped by 0.51%, and both Maxis and YTL Corporation dropped by 0.54%. MRDIY took a 1.09% hit, Petronas Chemicals declined by 1.02%, while PPB Group nudged up 0.13%. Press Metal improved by 0.75%, but Public Bank lost 0.24%. QL Resources slid by 0.15%, and RHB Capital went down by 0.18%. Sime Darby rallied by 1.06%, Telekom Malaysia slumped by 0.92%, Tenaga Nasional edged up by 0.30%, and YTL Power advanced by 0.81%. Meanwhile, Sime Darby Plantations, Maybank, Kuala Lumpur Kepong, and MISC remained unchanged.
The guidance from Wall Street did little to provide clear direction, as major averages opened and closed in mixed territory.
The Dow Jones Industrial Average fell by 216.73 points or 0.55%, closing at 38,852.86. The NASDAQ, however, rose by 99.09 points or 0.59% to end at a record high of 17,019.88, and the S&P 500 saw a marginal increase of 1.32 points or 0.02% to conclude at 5,306.04.
The NASDAQ's continued upward momentum was largely driven by a significant 7.1% surge in Nvidia (NVDA) shares, reaching a record closing high for the AI industry leader.
In contrast, the Dow's decline was influenced by a sharp drop in Merck (MRK) shares, which tumbled 2.6% to its lowest closing level in over a month.
In U.S. economic news, the Conference Board reported an unexpectedly strong improvement in consumer confidence for May.
Oil prices climbed on Tuesday, driven by hopes for increased demand during the U.S. driving season and expectations that OPEC will maintain production cuts into the next quarter. West Texas Intermediate Crude oil futures for July closed up by $2.11 or 2.7%, settling at $79.83 per barrel.
