Plus   Neg

Malaysia Bourse Predicted To Extend Losing Streak

The Malaysia stock market has moved lower in four straight sessions, skidding almost 40 points or 2.5 percent along the way. Now at an almost three and a half year low, the Kuala Lumpur Composite Index sits just above the 1,640-point plateau and it's likely to take further damage again on Tuesday.

The global forecast for the Asian markets is broadly negative on concerns of a full-fledged trade war between the U.S. and China. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly lower on Monday following losses from the telecoms and industrials, while the financials and plantations came in mixed.

For the day, the index lost 9.18 points or 0.57 percent to finish at 1,601.09 after trading between 1,598.60 and 1,611.47. Volume was 2.5 billion shares worth 1.6 billion ringgit. There were 815 decliners and 140 gainers.

Among the actives, Digi.com plummeted 3.41 percent, while Malaysia Airports Holdings soared 3.08 percent, Genting Malaysia plunged 2.52 percent, Genting tumbled 2.37 percent, Axiata Group skidded 2.05 percent, Dialog Group dropped 1.91 percent, Sime Darby retreated 1.82 percent, Top Glove declined 1.68 percent, Hartalega Holdings sank 1.23 percent, Sime Darby Plantations shed 0.81 percent, Petronas Chemicals lost 0.56 percent, Tenaga Nasional lost 0.51 percent, IOI Corporation added 0.47 percent, RHB Capital fell 0.35 percent, Public Bank collected 0.27 percent, Kuala Lumpur Kepong slid 0.24 percent, IHH Healthcare was down 0.18 percent, Maybank and PPB Group both rose 0.11 percent and CIMB Group and Maxis were unchanged.

The lead from Wall Street is brutal as stocks moved sharply lower on Monday, with the Dow sliding to a three-month closing low and the NASDAQ and S&P 500 hitting one-month lows.

The Dow shed 617.38 points or 2.38 percent to 25,324.99, while the NASDAQ plummeted 269.92 points or 3.41 percent to 7,647.02 and the S&P 500 fell 69.53 points or 2.41 percent to 2,811.87.

The sell-off on Wall Street came after China announced plans to raise tariffs on $60 billion worth of U.S. goods, shrugging off a warning from U.S. President Donald Trump. The move by China comes in retaliation for Trump's recent decision to raise tariffs on approximately $200 billion worth of Chinese goods to 25 percent from 10 percent.

Trump has previously threatened to raise tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.

Crude oil futures settled notably lower Monday as worries about global growth following an escalation in U.S.-China trade tensions raised concerns about energy demand. West Texas Intermediate crude oil futures for June ended down $0.62 or 1 percent at $61.04 a barrel.

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