FX.co ★ Malaysia Shares Tipped To Open In The Red

### Malaysia's Market Dips Ahead of Wesak Day

On the eve of the Wesak Day holiday, Malaysia's stock market saw the end of a three-day winning streak, during which it had accrued nearly 25 points or a 1.7% gain. The Kuala Lumpur Composite Index (KLCI) now rests just above the 1,620-point mark and could face further declines on Thursday.

#### Global Market Outlook: Pessimistic

The global forecast for Asian markets is currently negative, influenced by a gloomy outlook on interest rates. Both European and U.S. markets experienced downturns, suggesting that Asian markets might follow suit.

#### Performance Recap

On Tuesday, the KLCI saw a modest decline, pressured by losses in the plantation sector and mixed results among telecoms and financial stocks. The index fell by 5.41 points or 0.33% to close at 1,622.09, fluctuating between 1,620.80 and 1,628.38 throughout the day.

#### Key Movers

Among the active stocks:

- **Axiata** fell 0.34%.

- **CelcomDigi** dropped 2.40%.

- **Genting** and **Genting Malaysia** retreated 1.04% and 0.73%, respectively.

- **IHH Healthcare** declined 0.63%.

- **IOI Corporation** plunged 2.73%.

- **Kuala Lumpur Kepong** plummeted 3.74%.

- **Maxis** and **YTL Corporation** both gained 0.26%.

- **MISC** added 0.36%.

- **Petronas Chemicals** declined 0.85%.

- **PPB Group** tumbled 1.96%.

- **Press Metal** slumped 0.74%.

- **QL Resources** dropped 1.98%.

- **RHB Capital** fell 0.72%.

- **Sime Darby** lost 0.35%.

- **Sime Darby Plantations** shed 0.45%.

- **Telekom Malaysia** surged 3.67%.

- **YTL Power** dipped 0.19%.

Several stocks, including **Maybank**, **MRDIY**, **Petronas Gas**, **Public Bank**, **CIMB Group**, and **Tenaga Nasional**, remained unchanged.

### Wall Street Weakness

Wall Street provided a muted lead as major indices hovered near the flat line for the first half of Wednesday before closing in the red. The Dow Jones dipped 201.95 points or 0.51% to 39,671.04. The NASDAQ dropped 31.08 points or 0.18% to 16,801.54, and the S&P 500 fell 14.40 points or 0.27% to settle at 5,307.01.

The downturn was exacerbated by Federal Reserve minutes indicating a likelihood of maintaining current interest rates longer than anticipated. These notes from the April 30-May 1 meeting underscored disappointing first-quarter inflation data and robust economic indicators. Additionally, while there was discussion of easing policy should labor market conditions weaken unexpectedly, participants also highlighted a preparedness to raise rates further if inflation risks emerge.

### Oil Prices at a Two-Month Low

Oil prices dropped to a two-month low on Wednesday following an unexpected increase in U.S. crude oil inventories last week. West Texas Intermediate crude oil futures for July declined by $1.09 or 1.4%, closing at $77.57 per barrel.

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This represents an edited and condensed version of the original article while preserving its key points and data for a professional audience.