The Malaysian stock market turned right back to the upside again on Wednesday, one session after it had ended the two-day winning streak in which it had collected more than 20 points or 1.3 percent. The Kuala Lumpur Composite Index finished just above the 1,500-point plateau, and now traders are expecting a narrow trading range when the market opens on Thursday.
The global forecast for the Asian markets is mixed, with selling pressure among the technology stocks and properties likely to cancel out gains from the telecoms and gold miners. The European and U.S. markets finished in mixed fashion, and the Asian bourses are expected to follow that lead.
The KLCI finished slightly higher on Wednesday following mild gains from the financial shares, industrial issues and plantation stocks.
For the day, the index added 4.83 points or 0.32 percent to finish at 1,503.07 after trading between 1,499.59 and 1,504.63. Volume was 892.81 million shares worth 1.6 billion ringgit. There were 453 gainers and 255 decliners, with 309 stocks finishing unchanged.
Among the actives, Maybank, CIMB Group, Sime Darby, Petronas Chemical and Maxis all finished higher, while Axiata was unchanged.
The lead from Wall Street offers little clarity as stocks turned in a relatively lackluster performance on Wednesday after failing to sustain an early upward move. The choppy trading came as traders digested some mixed earnings news amid light volume.
In economic news, Malaysia's gross domestic product increased 4 percent annually, following 4.9 percent growth in the first quarter, Bank Negara Malaysia said on Wednesday. The overall weakness in the advanced economies and the disruptions in the global manufacturing supply chain stemming from the disaster in Japan, were reflected in the slowdown in the manufacturing sector, the central bank said.
Also, Malaysia's consumer price index increased 3.4 percent year-on-year in July, the statistics bureau said on Wednesday, slower than the 3.5 percent growth economists expected. In June, the growth in prices was 3.5 percent. On a monthly basis, consumer prices grew 0.2 percent during the month. In the January-July period, consumer prices increased 3.1 percent from the corresponding period last year.
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