The Malaysian stock market picked up just a point on Monday - but that was enough to end the two-day losing streak in which it had declined nearly 10 points or 0.6 percent. The Kuala Lumpur Composite Index finished just shy of the 1,525-point plateau, and now analysts are expecting to see the market remain in that neighborhood when it opens on Tuesday.
The global forecast for the Asian markets is mixed with a hint of downside on caution ahead of a slew of economic and corporate data coming later this week. Gold and oil stocks may see consolidation, while airlines and technology stocks are expected to tick higher. The European and U.S. markets finished mixed but little changed, and the Asian markets are tipped to follow that lead.
The KLCI finished barely higher on Monday as gains from the financial shares and industrial issues were offset by softness from the plantation stocks.
For the day, the index added 1.30 points or 0.09 percent to finish at 1,524.05 after trading between 1,522.99 and 1,526.83. Volume was 1.043 billion shares worth 1.026 billion ringgit. There were 441 decliners and 313 gainers, with 320 stocks finishing unchanged.
The KLCI finished barely higher on Monday as gains from the financial shares and industrial issues were offset by softness from the plantation stocks.
For the day, the index added 1.30 points or 0.09 percent to finish at 1,524.05 after trading between 1,522.99 and 1,526.83. Volume was 1.043 billion shares worth 1.026 billion ringgit. There were 441 decliners and 313 gainers, with 320 stocks finishing unchanged.
Among the actives, Ramunia, Karambunai, CIMB Holdings and Petronas Chemicals all finished lower, while Iris and Maybank ended higher.
Wall Street offers little guidance as stocks showed a lack of direction on Monday, as traders seemed reluctant to make any significant moves ahead of some key economist events later in the week. The lackluster performance also came as some traders remained away from their desks following the long weekend.The choppy trading seen on Wall Street came as traders looked ahead to the Federal Reserve's latest monetary policy announcement on Wednesday as well as some key economic data. While the Fed is not expected to announce any major policy changes, traders have expressed some uncertainty about what Fed Chairman Ben Bernanke will say in his first accompanying news conference.
After touching a multi-year high of 12,506.22 right out of the gate, the Dow Jones Industrial Average (DJIA – 12,479.88) ended with a loss of 26.1 points, or 0.2%, snapping its three-session run higher. Intel Corp. (INTC) paced the 12 advancing equities with a gain of 2.2%, while DuPont (DD) led the bearish majority with a loss of 1.4%.
The S&P 500 Index (SPX – 1,335.25) pared its losses in afternoon trading, surrendering 2.1 points, or 0.2%, by the close. Nevertheless, the broad-market barometer maintained its perch atop the closely watched 1,333 level, which marks double its March 2009 low. Finally, the Nasdaq Composite (COMP – 2,825.88) fared the best of the three, tacking on 5.7 points, or 0.2%, by the time the dust settled.
Traders are also waiting on the release of the Commerce Department's first estimate on first quarter GDP growth on Thursday. The report is expected to show that GDP growth slowed to 2.0 percent in the first quarter from 3.1 percent in the fourth quarter.
Meanwhile, the markets did not show much reaction to a report from the Commerce Department showing that new home sales rebounded in the month of March. The report said new home sales rose 11.1 percent to an annual rate of 300,000 in March from the revised February rate of 270,000. Economists had expected new home sales to rise to 280,000 from the 250,000 originally reported for the previous month.
The S&P 500 Index (SPX – 1,335.25) pared its losses in afternoon trading, surrendering 2.1 points, or 0.2%, by the close. Nevertheless, the broad-market barometer maintained its perch atop the closely watched 1,333 level, which marks double its March 2009 low. Finally, the Nasdaq Composite (COMP – 2,825.88) fared the best of the three, tacking on 5.7 points, or 0.2%, by the time the dust settled.
Traders are also waiting on the release of the Commerce Department's first estimate on first quarter GDP growth on Thursday. The report is expected to show that GDP growth slowed to 2.0 percent in the first quarter from 3.1 percent in the fourth quarter.
Meanwhile, the markets did not show much reaction to a report from the Commerce Department showing that new home sales rebounded in the month of March. The report said new home sales rose 11.1 percent to an annual rate of 300,000 in March from the revised February rate of 270,000. Economists had expected new home sales to rise to 280,000 from the 250,000 originally reported for the previous month.
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