Malaysia Tock Market Poised To Halt Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, dipping almost 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,455-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is cautiously optimistic on bargain hunting after a rough couple of sessions. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference. The KLCI finished barely lower on Monday following losses from the plantations and mixed performances from the financials and telecoms. For the day, the index eased 0.16 points or 0.01 percent to finish at 1,457.00 after trading between 1,452.15 and 1,457.43.

Among the actives, Celcomdigi gained 0.69 percent, while CIMB Group added 0.71 percent, Dialog Group tumbled 2.19 percent, Genting climbed 0.91 percent, Genting Malaysia improved 0.76 percent, IHH Healthcare was up 0.17 percent, IOI Corporation lost 0.25 percent, Kuala Lumpur Kepong sank 0.43 percent, Maxis rose 0.25 percent, Maybank and Sime Darby Plantations both eased 0.22 percent, MISC shed 0.28 percent, MRDIY jumped 1.95 percent, Petronas Chemicals dropped 0.29 percent, PPB Group retreated 2.17 percent, Press Metal declined 0.81 percent, Public Bank fell 0.24 percent, RHB Capital advanced 0.88 percent, Sime Darby slumped 0.46 percent, Telekom Malaysia perked 0.20 percent, Westports Holdings rallied 1.17 percent and Axiata and Tenaga Nasional were unchanged.

The lead from Wall Street is positive as the major averages opened lower on Monday; the NASDAQ and S&P 500 quickly bounced higher and stayed that way, while the Dow hugged the unchanged line throughout the session and finally finished on the green side.

The Dow added 26.23 points or 0.07 percent to finish at 35,307.63, while the NASDAQ jumped 143.48 points or 1.05 percent to close at 13,788.33 and the S&P 500 gained 25.67 points or 0.58 percent to end at 4,489.72.

The strength on Wall Street reflected bargain hunting after the NASDAQ and S&P 500 ended the previous session at their lowest closing levels in a month.

Overall trading activity has remained somewhat subdued, however, amid a lack of major U.S. economic data.

Oil prices dropped on Monday on concerns about the outlook for energy demand and a stronger dollar. West Texas Intermediate Crude oil futures for September ended lower by $0.68 or 0.8 percent at $82.51 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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