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Steady Start Seen For Malaysia Stock Market

The Malaysia stock market has moved lower in five straight sessions, dipping more than 25 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,775-point plateau although it may find traction on Wednesday.

The global forecast for the Asian markets is unclear, with concerns over the outlook for interest rates offset by support from crude oil prices. The European markets were slightly higher and the Asian bourses were mixed and little changed - and the Asian markets figure to follow the latter lead.

The KLCI finished slightly lower on Tuesday following weakness from the plantations and mixed performances from the telecoms and industrials.

For the day, the index eased 1.60 points or 0.09 percent to finish at 1,774.15 after trading between 1,771.16 and 1,776.68. Volume was 1.8 billion shares worth 1.52 billion ringgit. There were 469 decliners and 345 gainers.

Among the actives, Axiata surged 2.80 percent, while Digi.com skidded 1.27 percent, Telekom Malaysia spiked 0.66 percent, Genting dropped 0.64 percent, Dialog Group lost 0.59 percent, IOI Corporation fell 0.44 percent, RHB Capital collected 0.38 percent, Kuala Lumpur Kepong slid 0.32 percent, Petronas Chemicals added 0.21 percent, Genting Malaysia gained 0.20 percent, IHH Healthcare eased 0.19 percent, Public Bank slid 0.08 percent and Tenaga Nasional, Maybank, CIMB Group and Sime Darby all were unchanged.

The lead from Wall Street offers little guidance as stocks fluctuated on Tuesday, bouncing back and forth across the unchanged line before closing mixed for the second straight day.

The Dow shed 56.21 points or 0.21 percent to finish at 26,430.57, while the NASDAQ added 2.07 points or 0.03 percent to 7,738.02 and the S&P fell 4.09 points or 0.14 percent to 2,880.34.

The choppy trading on Wall Street came as traders kept an eye on treasuries amid renewed concerns about the outlook for interest rates. With the bond markets re-opening after Monday's Columbus Day holiday, treasury yields turned lower after an initial move higher.

Traders shrugged off news that the International Monetary Fund lowered its forecast for U.S. and Chinese economic growth, citing the "negative effect of recent tariff actions."

Crude oil prices moved up on Tuesday amid reports of falling crude exports from Iran ahead of the U.S. sanctions against the country. Crude oil futures for November delivery ended up $0.67 or 0.9 percent at $74.96 a barrel.

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