Malaysia Stock Market May Extend Tuesday's Losses
(RTTNews) - The Malaysia stock market headed barely south again on Tuesday, one session after it had ended the three-day losing streak in which it had fallen more than 30 points or 2 percent. The Kuala Lumpur Composite Index remains just beneath the 1,560-point plateau although the losses may accelerate on Wednesday.
The global forecast for the Asian markets is broadly negative on diminishing hopes for a resolution to the trade dispute between the United States and China. The European and U.S. bourses were sharply lower and the Asian markets are expected to open in similar fashion.
The KLCI finished barely lower on Tuesday following losses from the industrials and a mixed picture from the financial shares.
For the day, the index eased 0.21 point or 0.01 percent to finish at 1,558.79 after trading between 1,556.21 and 1,565.16. Volume was 2.4 billion shares worth 1.7 billion ringgit. There were 432 gainers and 377 decliners.
Among the actives, Petronas Dagangan plummeted 2.11 percent, while Genting plunged 1.40 percent, Petronas Gas tumbled 1.33 percent, Genting Malaysia spiked 0.98 percent, Press Metal perked 0.85 percent, CIMB Group collected 0.82 percent, MISC jumped 0.77 percent, Kuala Lumpur Kepong climbed 0.76 percent, Hartalega Holdings advanced 0.56 percent, Top Glove skidded 0.45 percent, Tenaga Nasional added 0.44 percent, Petronas Chemicals dropped 0.42 percent, Dialog Group sank 0.29 percent, AMMB Holdings shed 0.25 percent, Maybank lost 0.24 percent, Public Bank fell 0.21 percent, IHH Healthcare rose 0.18 percent and Sime Darby Plantations, Sime Darby, Hap Seng, RHB Capital, IOI Corporation and Digi.com all were unchanged.
The lead from Wall Street is weak as stocks opened lower on Tuesday, rebounded slightly but then headed firmly into the red at the close.
The Dow shed 313.98 points or 1.19 percent to 26,164.04, while the NASDAQ sank 132.52 points or 1.67 percent to 7,823.78 and the S&P fell 45.73 points or 1.56 percent to 2,893.06.
Selling pressure re-emerged late in the session after the Trump administration imposed visa restrictions on Chinese officials over abuses of Muslim minorities in the Xinjiang region. The new visa restrictions come just two days before the U.S. and China are scheduled to resume high-level trade talks in Washington.
Traders largely shrugged off a Labor Department report showing an unexpected decrease in U.S. producer prices in September - which may clear the way for the Federal Reserve to continue cutting interest rates amid signs of slowing economic growth.
Crude oil futures ended lower on Tuesday as fading optimism about U.S.-China trade talks weighed on prospects for near term energy demand. West Texas Intermediate Crude oil futures for November ended down $0.12 or 0.2 percent at $52.63 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.