Malaysian Market To Reverse Losses
The Malaysian stock market has ended lower in two of three trading days since the end of the two-day winning streak in which it had gathered more than 10 points or 0.6 percent. The Kuala Lumpur Composite Index ended just below the 1,560-point plateau, although now traders are looking for renewed support at the opening of trade on Tuesday.
The global forecast for the Asian markets is mixed with an upward bias, although persistent concerns over the Greek debt problem may limit the upside. Property and technology stocks figure to provide support, although financials may weigh. The European markets finished lower and the U.S. bourses ended higher - and the Asian markets are generally tipped to follow the latter lead.
The big news over the weekend was Greece and the 17 nations were unable to come to an agreement to put together a package for that beleaguered country. This agreement has been pushed off yet again until July. Markets both here and Europe initially reacted in a negative fashion but have come back and appear to be regrouping and rethinking the implications of this delay.
The bank stocks however still look sick and the trends are clearly down in this sector.
The Shanghai and Hong Kong indexes are also looking very negative as are most equity indexes around the world.
The only index that is looking positive using our trade technology is the Malaysian index aka FBM KLCI.
The FBMKLCI finished slightly lower on Monday as softness from the financial shares and plantation stocks was limited by support from the industrial issues.
For the day, the index shed 4.24 points or 0.27 percent to finish at 1,559.19 after trading between 1,557.52 and 1,563.66. Volume was 849.81 million shares worth 1.4 billion ringgit. There were 484 decliners and 290 gainers, with 304 stocks finishing unchanged.
Among the actives, Maybank, CIMB Holdings, RHB Capital and Axiata all finished lower, while Petronas Chemicals was unchanged and Sime Darby ended higher.
The lead from Wall Street is fairly upbeat as stocks moved mostly higher on Monday, rebounding from initial weakness amid easing concerns about the Greek debt crisis. Bargain hunting also contributed to the strength on Wall Street following recent weakness.
Among the actives, Maybank, CIMB Holdings, RHB Capital and Axiata all finished lower, while Petronas Chemicals was unchanged and Sime Darby ended higher.
The lead from Wall Street is fairly upbeat as stocks moved mostly higher on Monday, rebounding from initial weakness amid easing concerns about the Greek debt crisis. Bargain hunting also contributed to the strength on Wall Street following recent weakness.
HAPPY TRADING
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