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Shutterstock photo(RTTNews.com) – The Malaysia stock market on Wednesday wrote a finish to the three-day slide in which it had given away more than 20 points or 1.2 percent. The Kuala Lumpur Composite Index now rests just above the 1,745-point plateau although it may head south again on Thursday.
The global forecast for the Asian markets is mildly negative on concerns over U.S. tax reform, although crude oil prices should provide support. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The KLCI finished modestly higher on Wednesday following gains from the financial shares and a mixed performance from the plantations and industrials.
Among the actives, CIMB Group surged 3.68 percent, while Genting Malaysia spiked 2.23 percent, IOI Corporation jumped 1.61 percent, Digi.com tumbled 1.45 percent, Public Bank climbed 1.07 percent, YTL Corporation added 0.78 percent, Sime Darby gained 0.49 percent, Tenaga Nasional lost 0.27 percent, Kuala Lumpur Kepong fell 0.16 percent, Petronas Chemicals eased 0.13 percent and Maybank collected 0.11 percent.
The lead from Wall Street is flat to slightly lower as stocks showed a lack of direction on Wednesday, lingering near the unchanged line before finishing in the red.
The Dow dipped 28.10 points or 0.11 percent to 24,726.65, while the NASDAQ fell 2.89 points or 0.04 percent to 6,960.96 and the S&P 500 slipped 2.22 points or 0.08 percent to 2,679.25.
The choppy trading came as Republican lawmakers managed to send a sweeping tax reform bill to President Donald Trump. The bill reduces the corporate tax rate to 21 percent from 35 percent, gives tax breaks to pass-through businesses and encourages domestic business investment.
In economic news, the National Association of Realtors reported a bigger than expected jump in existing home sales in November, hitting an almost 11-year high.
Crude oil futures rose Wednesday after government data showed U.S. oil inventories continued to dwindle last week. Extending recent gains, WTI light sweet crude oil added 53 cents or 0.9 percent to $58.09 a barrel.
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