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Malaysia Bourse Tipped To Rebound On Tuesday

The Malaysia stock market on Monday halted the four-day winning streak in which it had advanced more than 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,545-point plateau although it's expected to open higher again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic on the belief the coronavirus will soon be eliminated. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KLCI finished modestly lower on Monday following losses from the financial shares, telecoms and industrials.

For the day, the index shed 11.69 points or 0.75 percent to finish at 1,542.80 after trading between 2,180.51 and 2,203.39. Volume was 2.4 billion shares worth 1.9 billion ringgit. There were 507 decliners and 285 gainers.

Among the actives, Hong Leong Financial Group plummeted 5.21 percent, while Sime Darby plunged 2.70 percent, Hartalega Holdings surged 2.24 percent, Genting Malaysia tumbled 1.98 percent, Tenaga Nasional skidded 1.88 percent, Dialog Group retreated 1.75 percent, CIMB Group declined 1.55 percent, Top Glove spiked 1.41 percent, MISC dropped 1.22 percent, Axiata sank 1.15 percent, Sime Darby Plantations shed 0.96 percent, Petronas Chemicals and Genting both lost 0.93 percent, RHB Capital fell 0.87 percent, Press Metal slid 0.79 percent, Digi.com dipped 0.68 percent, Maybank dropped 0.35 percent, Public Bank was down 0.33 percent, IOI Corporation gained 0.22 percent, IHH Healthcare lost 0.17 percent, Kuala Lumpur Kepong eased 0.08 percent and PPB Group and AMMB Holdings were unchanged.

The lead from Wall Street is positive as stocks shook off early weakness on Monday and moved higher as the day progressed.

The Dow added 174.31 points or 0.60 percent to end at 29,276.82, while the NASDAQ rose 107.88 points or 1.13 percent to 9,628.39 and the S&P 500 gained 24.38 points or 0.73 percent to 3,352.09.

The strength on Wall Street came as traders returned to ignoring concerns about the economic impact of the deadly coronavirus outbreak. The Chinese government has revealed that a total of 40,171 cases of coronavirus have been confirmed, with 908 people dying from the disease.

Traders seemed reassured by Chinese President Xi Jinping's pledge to win the fight against the coronavirus outbreak, adding that China will speed up the development of drugs aimed at treating the deadly pneumonia-like virus.

Crude oil prices declined sharply on Monday amid rising concerns about the global economy and the outlook for energy demand due to the coronavirus outbreak. West Texas Intermediate Crude oil futures ended down $0.75 or 1.5 percent at $49.57 a barrel, the lowest settlement for a front-month contract since early January 2019.

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