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More Pain Predicted For Malaysia Stock Market

The Malaysia stock market has ticked lower in back-to-back trading days, sliding almost 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index remains just above the 1,650-point plateau and it may extend its losses on Thursday.

The global forecast for the Asian markets is negative on continuing concerns over world trade, plus a deep drop in crude oil prices. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The KLCI finished barely lower on Wednesday following losses from the plantation stocks and industrials.

For the day, the index sank 0.46 points or 0.03 percent to finish at 1,650.74 after trading between 2,104.41 and 2,118.89. Volume was 1.8 billion shares worth 1.6 billion ringgit. There were 445 decliners and 318 gainers.

Among the actives, IHH Healthcare surged 1.43 percent, while RHB Capital plummeted 1.38 percent, Hartalega Holdings plunged 1.14 percent, Genting soared 1.07 percent, Genting Malaysia spiked 0.62 percent, Tenaga Nasional jumped 0.48 percent, Petronas Chemicals tumbled 0.48 percent, Sime Darby Plantations skidded 0.44 percent, Top Glove and Petronas Dagangan both dropped 0.39 percent, CIMB Group sank 0.38 percent, IOI Corporation shed 0.23 percent, AMMB Holdings lost 0.22 percent, Axiata Group added 0.21 percent, Digi.com fell 0.20 percent, Kuala Lumpur Kepong dipped 0.16 percent, Maybank collected 0.11 percent and Public Bank, Dialog Group and Sime Darby were unchanged.

The lead from Wall Street is soft as stocks turned in a lackluster performance on Wednesday before ending slightly lower, extending losses from the previous session.

The Dow shed 43.68 points or 0.17 percent to finish at 26,004.83, while the NASDAQ lost 29.85 points or 0.38 percent to 7,792.72 and the S&P 500 fell 5.88 points or 0.20 percent to 2,879.84.

The weakness on Wall Street came as traders weighed lingering trade concerns against optimism about an interest rate cut by the Federal Reserve.

The U.S.-China trade conflict has moved back into the spotlight ahead of the G20 summit later this month - however, a report showing tame inflation has further fueled expectations that the Federal Reserve will cut interest rates in the near future.

Crude oil futures plunged sharply on Wednesday after the Energy Information Administration showed a jump in U.S. crude stockpiles for a second straight week. West Texas Intermediate Crude oil futures for July ended down $2.13 or 4 percent at $51.14 a barrel, the lowest settlement price since mid-January.

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