Malaysia Bourse Tipped To Extend Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in three straight sessions, sinking almost 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,540-point plateau and it figures to see continued consolidation again on Tuesday.

The global forecast for the Asian markets suggests consolidation on rising concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KLCI finished modestly lower on Monday following losses from the financial shares and telecoms.

For the day, the index lost 8.51 points or 0.55 percent to finish at the daily low of 1,542.53 after peaking at 1,548.34.

Among the actives, Axiata plunged 2.33 percent, while Celcomdigi plummeted 2.39 percent, CIMB Group lost 0.45 percent, Genting tanked 1.73 percent, Genting Malaysia declined 1.13 percent, IHH Healthcare slumped 0.99 percent, Kuala Lumpur Kepong added 0.53 percent, Maxis stumbled 1.14 percent, MISC fell 0.39 percent, MRDIY dropped 0.67 percent, Petronas Chemicals rallied 1.49 percent, Press Metal advanced 0.77 percent, Public Bank retreated 1.44 percent, QL Resources rose 0.16 percent, RHB Capital sank 0.52 percent, Sime Darby gained 0.36 percent, Sime Darby Plantations tumbled 1.55 percent, Telekom Malaysia shed 0.49 percent, Tenaga Nasional skidded 0.85 percent, YTL Power slid 0.26 percent and PPB Group, Maybank, YTL Corporation, IOI Corporation and Hong Leong Bank were unchanged.

The lead from Wall Street is broadly negative as the major averages opened higher on Monday but quickly head south and finished deep in the red.

The Dow dropped 248.13 points or 0.65 percent to finish at 37,735.11, while the NASDAQ tumbled 290.08 points or 1.79 percent to close at 15,885.02 and the S&P 500 sank 61.59 points or 1.20 percent to end at 5,061.82.

The initial strength on Wall Street reflected a positive reaction to earnings news from Goldman Sachs (GS) as the investment banking company reported Q1 earnings that exceeded estimates on better than expected revenues.

Traders also initially reacted positively to a Commerce Department report showing much stronger than expected U.S. retail sales growth in March - but the data triggered another spike by treasury yields.

The yield on the benchmark 10-year note has surged to its highest levels in five months, as the data has led to renewed concerns about the outlook for interest rates.

Crude oil prices fell on Monday amid slightly easing concerns about supply disruptions after Iran's drone and missile attack on Israel did not cause any big damage. Concerns about the outlook for oil demand in China and a strong U.S. dollar also weighed on oil prices. West Texas Intermediate Crude futures for May ended lower by $0.25 at $85.41 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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