The Malaysian stock market has shown positive momentum over the past two sessions, gaining over 15 points, or 1 percent. The Kuala Lumpur Composite Index (KLCI) is now positioned just above the 1,650 mark and is expected to remain within a similar range on Wednesday.The forecast for Asian markets indicates minimal movement ahead of crucial corporate earnings and inflation data. While European markets displayed mixed results, U.S. markets ended slightly higher, suggesting that Asian markets are likely to experience little change.On Tuesday, the KLCI saw a modest increase driven by gains in the financial and telecommunications sectors, although plantation stocks presented a mixed performance. The index rose by 13.33 points, or 0.81 percent, concluding at 1,652.29 after fluctuating between 1,639.16 and 1,653.12.Among the active stocks, Axiata increased by 0.41 percent, Celcomdigi surged by 2.27 percent, CIMB Group advanced by 0.51 percent, and Genting slipped by 0.23 percent. Additional movements included Genting Malaysia rising by 0.40 percent, IHH Healthcare declining by 0.16 percent, IOI Corporation gaining 1.32 percent, and Kuala Lumpur Kepong falling by 1.21 percent. Maxis led the gains with a 4.44 percent rise while Maybank, MISC, Petronas Chemicals, PPB Group, Press Metal, and Public Bank all posted gains between 1.18 and 3.77 percent. Notable declines included Sime Darby, dropping by 4.14 percent, SD Guthrie by 1.29 percent, Sunway by 0.97 percent, YTL Corporation by 2.64 percent, and YTL Power by 3.47 percent. QL Resources, MRDIY and Tenaga Nasional remained unchanged.U.S. markets presented a mixed picture, with major averages hovering near the unchanged line before closing slightly higher. The Dow Jones Industrial Average inched up by 10 points or 0.02 percent to set a record close at 41,250.50. The NASDAQ rose by 29.05 points or 0.16 percent to end at 17,754.82, while the S&P 500 increased by 8.96 points or 0.16 percent, finishing at 5,625.80.Trading on Wall Street was cautious ahead of Nvidia’s (NVDA) fiscal second-quarter earnings report due later today. Investors are also awaiting the Commerce Department’s report on personal income and spending for July, which includes inflation metrics favored by the Federal Reserve, set to be released on Friday.While this data is unlikely to alter the prevailing belief that the Federal Reserve will reduce rates next month, it could influence expectations regarding the pace of future rate cuts.In the oil market, prices fell on Tuesday after three consecutive days of strong gains. West Texas Intermediate crude futures for October dropped by $1.89 or 2.5 percent, settling at $75.53 per barrel, as traders consolidated positions ahead of anticipated supply data.The material has been provided by InstaForex Company – www.instaforex.com
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