Malaysia Bourse: Resistance Expected At 1,700 Points

(RTTNews) - The Malaysia stock market has finished higher in three straight sessions, collecting almost 40 points or 2.4 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,700-point plateau although it may be stuck in neutral on Wednesday.

The global forecast for the Asian markets is soft thanks to geopolitical concerns. The European and U.S. markets were down, likely consigning Asian markets at records highs to profit taking.

The KLCI finished modestly higher again on Tuesday following gains from the financials, weakness from the plantations and mixed performances from the telecoms and industrials.

For the day, the index added 12.76 points or 0.75 percent to finish at the daily high of 1,708.20 after trading as low as 1,698.79. Among the actives, 99 Speed Mart Retail gained 0.51 percent, while AMMB Holdings expanded 1.24 percent, Axiata dropped 0.78 percent, Celcomdigi was up 0.29 percent, CIMB Group spiked 2.07 percent, Gamuda improved 1.03 percent, IHH Healthcare dipped 0.12 percent, IOI Corporation slumped 1.22 percent, Kuala Lumpur Kepong eased 0.10 percent, Maxis sank 0.51 percent, Maybank advanced 1.10 percent, MISC shed 0.38 percent, MRDIY soared 2.45 percent, Nestle Malaysia slipped 0.17 percent, Petronas Chemicals vaulted 1.55 percent, Petronas Dagangan stumbled 2.32 percent, Petronas Gas lost 0.33 percent, Press Metal rose 0.42 percent, Public Bank collected 1.09 percent, QL Resources added 0.52 percent, RHB Bank rallied 1.90 percent, SD Guthrie tumbled 1.86 percent, Sunway increased 0.89 percent, Telekom Malaysia fell 0.25 percent, Tenaga Nasional jumped 1.47 percent, YTL Corporation surged 4.37 percent, YTL Power climbed 1.18 percent and PPB Group and Sime Darby were unchanged.

The lead from Wall Street is negative as the major averages opened mixed on Tuesday but quickly headed south and spent most of the balance of the day in the red, finishing off session lows.

The Dow dropped 398.21 points or 0.80 percent to finish at 49,191.99, while the NASDAQ sank 24.03 points or 0.10 percent to close at 23,709.87 and the S&P 500 dipped 13.53 points or 0.19 percent to end at 6,963.74.

The choppy trading by the broader markets reflected uncertainty about the near-term outlook amid rising geopolitical tensions around the world and a flurry of proposals by President Donald Trump.

In U.S. economic news, the Labor Department released a report showing consumer prices in the U.S. increased in line with economist estimates in the month of December.

Crude oil prices skyrocketed on Tuesday, extending a recent surge amid increasing geopolitical risks due to escalating tensions between the U.S. and Iran, which have raised output-and-supply concerns. West Texas Intermediate crude for February delivery was up $1.55 or 2.61 percent at $61.05 per barrel.