(RTTNews) - The Malaysia stock market has ticked lower in three straight sessions, slipping almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,610-point plateau although it's likely to find support on Thursday.
The global forecast for the Asian markets is generally upbeat following the FOMC's rate decision. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The KLCI finished slightly lower on Wednesday following losses from the financials and mixed performances from the plantations and telecoms.
For the day, the index dipped 2.54 points or 0.16 percent to finish at the daily low of 1,608.95 after peaking at 1,618.99.
Among the actives, Celcomdigi retreated 0.79 percent, while Genting gained 0.21 percent, Genting Malaysia and IOI Corporation both declined 0.78 percent, IHH Healthcare shed 0.48 percent, Kuala Lumpur Kepong spiked 1.85 percent, Maxis lost 0.27 percent, Maybank slid 0.20 percent, MISC tumbled 1.28 percent, MRDIY rallied 1.56 percent, Petronas Chemicals eased 0.15 percent, Press Metal tanked 1.35 percent, Public Bank sank 0.49 percent, QL Resources was down 0.16 percent, RHB Capital skidded 0.72 percent, Sime Darby slumped 0.75 percent, SD Guthrie fell 0.24 percent, Telekom Malaysia jumped 1.67 percent, Tenaga Nasional added 0.58 percent, YTL Corporation dropped 0.55 percent and YTL Power, Axiata, CIMB Group and PPB Group were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday, although the Dow couldn't hold its gains and slipped into the red.
The Dow shed 35.21 points or 0.09 percent to finish at 38,712.21, while the NASDAQ rallied 264.89 points or 1.53 percent to close at 17,608.44 and the S&P 500 gained 45.71 points or 0.85 percent to end at 5,421.03.
The early rally on Wall Street followed the release of a Labor Department report showing U.S. consumer prices were unexpectedly flat in May, which led to renewed optimism about the outlook for interest rates.
But later in the day, the Federal Reserve's monetary policy announcement revealed that officials now expect only one interest rate cut this year.
The Fed acknowledged modest further progress toward its inflation objective in recent months but said officials still need greater confidence that inflation is moving sustainably towards the target before they will consider lowering rates.
Oil prices climbed higher Wednesday on hopes of increased demand and tighter supply conditions later in the year, as well as a weak dollar. West Texas Intermediate Crude oil futures for July rose $0.60 at $78.50 a barrel.
