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Malaysia Bourse May Give Up Support At 1,600 Points

The Malaysia stock market on Monday snapped the two-day winning streak in which it had gathered more than 40 points or 2.5 percent. The Kuala Lumpur Composite Index now rests just above the 1,615-point plateau and it may take further damage on Tuesday.

The global forecast for the largely overbought Asian markets is negative, with profit taking expected to limit any upside. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The KLCI finished modestly lower on Monday following losses from the glove makers and financial shares.

For the day, the index dropped 15.94 points or 0.98 percent to finish at 1,617.25 after trading between 1,607.53 and 1,627.22. Volume was 6.625 billion shares worth 5.561 billion ringgit. There were 650 decliners and 490 gainers.

Among the actives, Axiata surged 4.61 percent, while Supermax plummeted 3.70 percent, Petronas Chemicals plunged 3.44 percent, Kuala Lumpur Kepong soared 2.92 percent, Tenaga Nasional tanked 2.66 percent, Maybank tumbled 2.50 percent, Digi.com skidded 2.35 percent, Hartalega Holdings retreated 2.24 percent, Press Metal declined 1.79 percent, CIMB Group and Genting both surrendered 1.70 percent, Genting Malaysia sank 1.63 percent, Telekom Malaysia jumped 1.10 percent, Top Glove dropped 1.08 percent, Sime Darby shed 0.87 percent, Sime Darby Plantations advanced 0.77 percent, Dialog Group added 0.61 percent, Public Bank lost 0.29 percent, IOI Corporation fell 0.22 percent, IHH Healthcare slid 0.18 percent and Hap Seng Consolidated and RHB Capital were unchanged.

The lead from Wall Street is soft as stocks opened in the red on Monday, made back a bit of ground but still ended firmly in the red.

The Dow skidded 89.28 points or 0.29 percent to finish at 31,008.69, while the NASDAQ tumbled 165.54 points or 1.25 percent to end at 13,036.43 and the S&P 500 lost 25.07 points or 0.66 percent to close at 3,799.61.

Profit taking contributed to the initial weakness on Wall Street after the major averages climbed to new record closing highs last Friday as traders cashed in on recent gains.

Concerns about developments in Washington also weighed on stocks as Democrats prepare another attempt to remove President Donald Trump from office. House Democrats are preparing to once again impeach Trump even though the president has less than two weeks left in his term.

Crude oil futures settled flat on Monday as rising coronavirus cases and tighter lockdown measures across the world raised concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for February settled at $52.25 a barrel, up 1 cent from the previous close.

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