Malaysia Bourse Predicted To Extend Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in three straight sessions, sliding more than 30 points or 2.1 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,500-point plateau and it's looking at continued consolidation again on Tuesday.

The global forecast for the Asian markets is broadly negative on rising coronavirus concerns and the resulting slide in crude oil prices. The European and U.S. markets were firmly in the red and the Asian bourses are tipped to follow suit.

The KLCI finished modestly lower on Monday following losses from the financials and mixed performances from the plantations and telecoms.

For the day, the index slid down 7.20 points or 0.48 percent to finish at 1,499.43 after trading between 1,496.97 and 1,511.77. Volume was 7.025 billion shares worth 3.552 billion ringgit. There were 873 decliners and 275 gainers.

Among the actives, Petronas Dagangan plummeted 3.59 percent, while Maxis plunged 2.33 percent, Sime Darby tanked 1.71 percent, Public Bank tumbled 1.63 percent, PPB Group surged 1.60 percent, Press Metal skidded 1.34 percent, MISC retreated 1.32 percent, CIMB Group declined 1.27 percent, Kuala Lumpur Kepong spiked 1.16 percent, Hartalega Holdings surrendered 1.13 percent, Genting Malaysia and IHH Healthcare both sank 0.94 percent, Genting dropped 0.89 percent, Dialog Group advanced 0.78 percent, added 0.42 percent, Malaysia Airports Holdings shed 0.41 percent, Sime Darby Plantations gained 0.40 percent, Maybank lost 0.28 percent, Top Glove rose 0.25 percent, IOI Corporation dipped 0.22 percent and Petronas Chemicals, Tenaga Nasional, Axiata and AMMB Holdings were unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Monday and remained in the red throughout the day, extending losses to a fourth straight session.

The Dow plummeted 509.72 points or 1.84 percent to finish at 27,147.70, while the NASDAQ dipped 14.48 points or 0.13 percent to end at 10,778.80 and the S&P 500 sank 38.41 points or 1.16 percent to close at 3,281.06.

The sell-off on Wall Street comes amid concerns about a renewed surge in coronavirus cases in Europe, with the U.K. reportedly considering another lockdown.

The death of Supreme Court Justice Ruth Bader Ginsburg may also be weighing on the markets, as a fight over the nomination of her replacement could lead to further delays in the passage of another coronavirus relief bill.

Crude oil prices fell sharply Monday on worries about outlook for energy demand amid rising coronavirus cases in Europe. West Texas Intermediate Crude oil futures for October shed $1.80 or 4.4 percent to settle at $39.31 a barrel.

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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