The Malaysian stock market has declined for two consecutive sessions, losing over 6 points or 0.4%. The Kuala Lumpur Composite Index (KLCI) is currently just above the 1,610 mark, expected to find mild support as trading resumes on Wednesday.
Globally, the forecast for Asian markets suggests minimal movement ahead of key economic data releases later in the day. European markets experienced declines, and U.S. markets closed mixed, indicating a likely balanced outcome for Asian markets.
On Tuesday, the KLCI closed slightly lower, affected by losses in financial and plantation sectors, while telecommunications stocks showed mixed results. The index dipped 2.88 points or 0.18%, closing at 1,611.49, with trading ranges between 1,609.26 and 1,617.37.
Key movements among active stocks included:
- Axiata dropping 0.71%
- CelcomDigi decreasing 0.78%
- CIMB Group down 0.72%
- Genting rising 0.21%
- Genting Malaysia falling 1.53%
- IOI Corporation and MRDIY each down 0.52%
- Kuala Lumpur Kepong declining 1.34%
- Maxis increasing 0.82%
- Maybank and Hong Leong Bank both easing 0.10%
- MISC gaining 0.47%
- Petronas Chemicals tumbling 1.79%
- PPB Group down 1.09%
- Press Metal rallying 2.78%
- Public Bank dropping 0.73%
- Sime Darby plummeting 3.64%
- SD Guthrie retreating 1.39%
- Telekom Malaysia surging 4.77%
- Tenaga Nasional adding 0.58%
- YTL Corporation rising 0.28%
- YTL Power, QL Resources, RHB Capital, IHH Healthcare, and AMMB Holdings remaining unchanged.
Wall Street presented a mixed outlook as major indexes opened lower on Tuesday but improved throughout the day. The Dow fell 120.62 points or 0.31% to 38,747.42, while the NASDAQ surged 151.02 points or 0.88% to a record 17,343.55, and the S&P 500 increased 14.53 points or 0.27% to close at 5,375.32, also a record high.
The NASDAQ's gains were driven by a significant rise in Apple (AAPL) shares, which jumped 7.3% to a record high following the introduction of new AI features, expected to prompt users to upgrade their devices.
Investors are now focusing on two major upcoming economic events—the Labor Department's May inflation report and the Federal Reserve's monetary policy announcement. While the Fed is anticipated to keep interest rates steady, attention will be on the accompanying statements and officials' latest economic and interest rate projections.
Oil futures edged higher on Tuesday amidst caution ahead of inventory data and the Federal Reserve's policy announcement. West Texas Intermediate crude oil futures for July settled up $0.16 at $77.90 a barrel.
