Markets

Losing Streak Expected To Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has ticked lower in two straight sessions, easing almost 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index remains just beneath the 1,495-point plateau and it figures to take further damage on Tuesday.

The global forecast for the Asian markets is broadly negative thanks to a renewed surge in coronavirus cases and lockdown measures around the globe. The European and U.S. markets were sharply lower and the Asian markets are tipped to open in similar fashion.

The KLCI finished barely lower on Monday as losses from the financials were offset by support from the plantation stocks.

For the day, the index eased 0.03 points to finish at 1,494.61 after trading between 1,482.15 and 1,497.54. Volume was 5.794 billion shares worth 4.706 billion ringgit. There were 790 decliners and 256 gainers.

Among the actives, Kuala Lumpur Kepong surged 5.14 percent, while Petronas Dagangan plummeted 2.39 percent, Malaysia Airports Holdings plunged 2.33 percent, Digi.com tanked 2.26 percent, Hartalega Holdings soared 2.08 percent, MISC tumbled 2.01 percent, Genting Malaysia skidded 1.95 percent, Sime Darby Plantations spiked 1.64 percent, IOI Corporation accelerated 1.39 percent, RHB Capital jumped 1.16 percent, Maxis sank 1.00 percent, Public Bank dropped 0.88 percent, Petronas Chemicals climbed 0.84 percent, Sime Darby shed 0.82 percent, Press Metal lost 0.72 percent, Genting fell 0.66 percent, Dialog Group slid 0.54 percent, PPB Group advanced 0.53 percent, CIMB Group dipped 0.33 percent, Tenaga Nasional eased 0.20 percent and Hong Leong Financial, Petronas Gas, Top Glove, Maybank, IHH Healthcare, Axiata, AMMB Holdings and Hong Leong Bank all were unchanged.

The lead from Wall Street is bleak as stocks opened firmly lower on Monday and saw the losses accelerate as the day progressed - extending last week's losses.

The Dow plummeted 649.93 points or 2.29 percent to finish at 27,685.64, while the NASDAQ dropped 189.34 points or 1.64 percent to end at 11,358.94 and the S&P 500 sank 64.42 points or 1.86 percent to close at 3,400.97.

The sell-off on Wall Street comes amid concerns about a record resurgence in coronavirus cases, while White House officials say the pandemic can't be controlled and the administration would instead focus on vaccines and therapeutics.

The spike in new coronavirus cases comes as lawmakers in Washington remain at an impasse over a new stimulus bill. Negotiations continue, but traders appear pessimistic that an agreement on a new relief package will be reached before next week's elections.

Adding to the negative sentiment, the Commerce Department reported an unexpected slump in new home sales last month.

Crude oil prices moved lower in response to the bad news, with West Texas Intermediate sinking $1.17 or 2.94 percent to $38.55.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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