Markets

Malaysia Stock Market Tipped To Snap Losing Streak On Tuesday

(RTTNews) - The Malaysia stock market has moved lower in back-to-back trading days, sliding almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,510-point plateau although it may find traction on Tuesday.

The global forecast for the Asian markets is murky, with little movement expected among ongoing Covid-19 concerns. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Monday following losses from the financial shares, plantation stocks and glove makers.

For the day, the index lost 10.91 points or 0.72 percent to finish at the daily low of 1,512.53 after peaking at 1,525.73. Volume was 4.816 billion shares worth 2.796 billion ringgit. There were 702 decliners and 42 gainers. Among the actives, Axiata dropped 0.78 percent, while CIMB Group slipped 0.44 percent, Dialog Group lost 0.70 percent, Digi.com retreated 1.19 percent, Genting added 0.63 percent, Genting Malaysia advanced 0.72 percent, Hartalega Holdings plummeted 4.03 percent, IHH Healthcare fell 0.69 percent, IOI Corporation skidded 1.35 percent, Kuala Lumpur Kepong declined 1.02 percent, Maybank weakened 0.37 percent, Maxis tumbled 1.82 percent, MISC plunged 2.62 percent, MRDIY gave away 0.29 percent, Petronas Chemicals shed 0.75 percent, PPB Group sank 0.87 percent, Press Metal perked 1.45 percent, Public Bank slid 0.50 percent, RHB Capital and Top Glove both surrendered 0.97 percent, Sime Darby dipped 0.46 percent, Sime Darby Plantations tanked 1.92 percent, Telekom Malaysia eased 0.17 percent and Tenaga Nasional was down 0.31 percent.

The lead from Wall Street suggests mild upside as the major averages shook off a soft open on Monday, climbing gradually throughout the day to finish at fresh record closing highs.

The Dow gained 82.76 points or 0.24 percent to finish at 35,144.31, while the NASDAQ rose 3.72 points or 0.03 percent to end at 16,565.31 and the S&P 500 added 10.51 points or 0.24 percent to close at 4,422.30.

The choppy trading on Wall Street came as upbeat earnings news warred with concerns about the spread of new coronavirus variants.

Traders may also have been reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Fed is expected to leave interest rates unchanged, but traders will pay close attention to any comments regarding its asset purchase program.

In economic news, the Commerce Department showed another steep drop in new home sales in June.

Crude oil futures settled lower Monday amid worries about the outlook for energy demand due to the rapidly spreading delta variant of the coronavirus in several countries around the world. West Texas Intermediate Crude oil futures for September ended down by $0.16 or 0.2 percent at $71.91 a barrel after four straight days of gains.

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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