(RTTNews.com) - The Malaysia stock market has finished lower in four straight sessions, sliding almost 45 points or 2.5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,700-point plateau and the losing streak is expected to continue on Wednesday.
The global forecast for the Asian markets remains grim thanks to geopolitical concerns, economic outlook and plummeting crude oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The KLCI finished sharply lower on Tuesday following losses from the financial shares, plantation tocks and industrial issues.
For the day, the index lost 24.87 points or 1.44 percent to finish at the daily low of 1,697.60 after peaking at 1,721.91. Volume was 2 billion shares worth 2 billion ringgit. There were 727 decliners and 170 gainers.
Among the actives, Axiata plummeted 6.88 percent, while Sime Darby plunged 5.74 percent, CIMB Group tumbled 3.85 percent, Genting Malaysia skidded 3.07 percent, Tenaga Nasional declined 2.90 percent, Maybank retreated 2.08 percent, Telekom Malaysia retreated 2.08 percent, IHH Healthcare contracted 1.20 percent, Genting shed 1.07 percent, Digi.com lost 0.71 percent, IOI Corporation fell 0.44 percent, Petronas Chemicals dipped 0.43 percent, Public Bank eased 0.32 percent, RHB Capital added 0.19 percent, Kuala Lumpur Kepong eased 0.16 percent and MISC, Dialog Group and PPB Group were unchanged.
The lead from Wall Street is negative as stocks opened sharply lower on Tuesday. They made back considerable ground in afternoon trade but still ended in the red.
The Dow shed 125.98 points or 0.50 percent to finish at 25,191.43, while the NASDAQ lost 31.09 points or 0.42 percent to 7,437.54 and the S&P 500 fell 15.19 points or 0.55 percent to 2,640.69.
The early sell-off reflected an extension of the significant weakness seen in overseas markets, which came amid worries about global economic growth and mounting geopolitical tensions.
A negative reaction to quarterly results from some big-name companies also contributed to sharp decline by stocks - including Caterpillar (CAT) and 3M Co. (MMM), although McDonald's (MCD) beat the street.
Crude oil prices plunged sharply on Tuesday amid speculation of a possible drop in demand due to uncertainty about the outlook for global economic growth. Crude oil futures for December delivery were down $2.93 or 4.2 percent at $66.43 a barrel, the lowest settlement since August 20.
Closer to home, Malaysia will release September data for consumer prices later today; in August, inflation was up 0.2 percent on month and down 0.2 percent on year.
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