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Shutterstock photo(RTTNews.com) – The Malaysia stock market on Tuesday wrote a finish to the three-day winning streak in which it had gathered almost 35 points or 2 percent. The Kuala Lumpur Composite Index now rests just above the 1,780-point plateau although it’s expected to bounce higher again on Wednesday.
The global forecast for the Asian markets is upbeat thanks to optimism about the outlook for the markets and the economy going into the new year. The European markets were down and the U.S. markets were up and the Asian bourses figure to follow the latter lead.
The KLCI finished modestly lower on Tuesday following losses from the financial shares and telecoms.
Among the actives, Digi.com plummeted 4.12 percent, while Genting Malaysia soared 2.66 percent, Astra Malaysia Holdings tumbled 2.26 percent, YTL Corporation plunged 2.19 percent, Telekom Malaysia skidded 2.06 percent, Petronas Chemicals spiked 1.95 percent, Maybank dropped 1.43 percent, IHH Healthcare advanced 0.68 percent, CIMB Group shed 0.61 percent, Sime Darby added 0.45 percent, Tenaga Nasional lost 0.26 percent, Maxis fell 0.17 percent and IOI Corporation and MISC were unchanged.
The lead from Wall Street is positive as stocks showed an early move to the upside Tuesday and stayed that way throughout the session.
The Dow added 104.79 points or 0.42 percent to 24,824.01, while the NASDAQ surged 103.51 points or 1.50 percent to 7,006.90 and the S&P gained 22.20 points or 0.83 percent to 2,695.81.
Trading activity was subdued, however, with a lack of major U.S. economic data keeping traders on the sidelines.
The economic calendar for the week starts off relatively quiet, although the closely watched monthly jobs report is likely to attract considerable attention on Friday.
Crude oil futures were flat Tuesday, holding near the highest in more than two years as a spate of ultra-cold weather may drive demand for heating oil and other energy products. February WTI oil fell 5 cents or 0.1 percent to $60.37/bbl.
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