logo
Plus   Neg
Share
Email

Malaysia Bourse May Snap Losing Streak

The Malaysia stock market has finished lower in back-to-back sessions, sliding more than 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,5850-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is upbeat on optimism ahead of the trade deal between the United States and China that is expected to be signed later this week. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Monday following losses from the financial shares and industrial issues.

For the day, the index sank down 6.73 points or 0.42 percent to finish at 1,584.73 after trading between 1,581.57 and 1,595.24. Volume was 2.6 billion shares worth 1.6 billion ringgit. There were 429 decliners and 419 gainers.

Among the actives, Hong Leong Bank plummeted 2.05 percent, while Petronas Chemicals plunged 1.93 percent, Public Bank tumbled 1.64 percent, Genting Malaysia soared 1.53 percent, IHH Healthcare skidded1.07 percent, IOI Corporation retreated 0.85 percent, Malaysia Airports Holdings declined 0.71 percent, MICS dropped 0.60 percent, Sime Darby Plantations and Maxis both shed 0.55 percent, AMMB Holdings advanced 0.51 percent, Digi.com added 0.44 percent, Top Glove gained 0.43 percent, Kuala Lumpur Kepong rose 0.32 percent, Axiata increased 0.24 percent, Genting was up 0.16 percent, Tenaga Nasional fell 0.15 percent and PPB Group, Sime Darby, Dialog Group, RHB Capital, CIMB Group, Maybank and Press Metal all were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Monday, rebounding from the pullback in the previous session. With the upward move, the NASDAQ and the S&P 500 ended the session at new record closing highs.

The Dow added 83.28 points or 0.29 percent to finish at 28,907.05, while the NASDAQ jumped 95.07 points or 1.04 percent to 9,273.93 and the S&P 500 rose 22.78 points or 070 percent to 3,288.13.

The strength on Wall Street came amid continued optimism about impact of the phase one China-U.S. trade deal. Chinese Vice Premier Liu He is scheduled to visit Washington to sign the deal, which is said to include reduced tariffs on Chinese goods in exchange for increased Chinese purchases of U.S. agricultural products.

Stocks saw further upside after various media reports said the Treasury Department will drop its designation of China as a "currency manipulator" ahead of the signing of the deal.

Crude oil prices declined sharply on Monday amid easing worries about U.S.-Iran tensions as the futures contract settled at its lowest level in six weeks. West Texas Intermediate Crude oil futures ended down $0.96 or 1.6 percent at $58.08 a barrel, the lowest price since early December.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT