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Malaysia Bourse May Take Further Damage On Wednesday

The Malaysia stock market headed south again on Tuesday, one session after it had ended the two-day losing streak in which it had fallen more than 25 points or 1.6 percent. The Kuala Lumpur Composite Index now rests just above the 1,560-point plateau and it may extend its losses on Wednesday.

The global forecast for the Asian markets is negative on continuing concerns over the trade dispute between the United States and China. The European markets were mixed and the U.S. markets were down and the Asian bourses are also tipped to open in the red.

The STI finished modestly lower on Tuesday following losses from the financial shares and industrial issues.

For the day, the index lost 8.28 points or 0.53 percent to finish at 1,562.27 after trading between 1,556.17 and 1,568.85. Volume was 2.3 billion shares worth 1.7 billion ringgit. There were 539 decliners and 289 gainers.

Among the actives, AMMB Holdings plummeted 2.03 percent, while Press Metal plunged 1.70 percent, Top Glove tumbled 1.56 percent, Axiata skidded 1.18 percent, Kuala Lumpur Kepong retreated 1.01 percent, Genting Malaysia and IHH Healthcare both declined 0.93 percent, RHB Capital dropped 0.88 percent, Sime Darby sank 0.87 percent, Genting and Petronas Chemical both shed 0.85 percent, CIMB Group lost 0.77 percent, Public Bank fell 0.51 percent, Tenaga Nasional slid 0.46 percent, Malaysia Airports Holdings added 0.24 percent, Digi.com and PPB Group both were down 0.22 percent and Petronas Dagangan, Sime Darby Plantations, Maxis, Dialog Group, Maybank, IOI Corporation and MISC all were unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Tuesday, regained some ground but still finished firmly in the red.

The Dow shed 280.23 points or 1.01 percent to 27,502.81, while the NASDAQ lost 47.34 points or 0.55 percent to 8,520.64 and the S&P 500 fell 20.67 points or 0.66 percent to 3,093.20.

The early sell-off on Wall Street came amid renewed trade concerns after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China.

The comments from the president added to rising trade concerns after his administration threatened to impose duties of up to 100 percent on $2.4 billion in French imports, including champagne and handbags.

After recovering from an early move to the downside, the price of crude oil fluctuated over the course of the trading day on Tuesday. Crude oil for January delivery eventually ended the day up $0.14 or 0.3 percent at $56.10 after falling as low as $55.35 a barrel.

Closer to home, Malaysia will release October figures for import, exports and trade balance later today. In September, imports were worth 69.37 billion ringgit and exports were at 77.70 billion ringgit for a trade surplus of 8.34 billion ringgit.

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