Malaysia Stock Market May Stop The Bleeding On Tuesday

The Malaysia stock market has finished lower in three straight sessions, dropping more than 30 points or 1.9 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,570-point plateau and it may find traction on Tuesday.

The global forecast for the Asian markets suggests mild upside, supported mainly by crude oil prices. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Monday following losses from the glove makers and the entertainment stocks, while the financials and plantations were mixed.

For the day, the index slid 5.84 points or 0.37 percent to finish at 1,570.13 after trading between 1,562.11 and 1,573.78. Volume was 3.997 billion shares worth 2.403 billion ringgit. There were 669 decliners and 361 gainers.

Among the actives, Axiata rose 0.49 percent, while CIMB Group lost 0.21 percent, Genting plunged 1.96 percent, Genting Malaysia tanked 1.62 percent, Hartalega Holdings tumbled 1.41 percent, IHH Healthcare sank 0.91 percent, IOI Corporation increased 0.26 percent, Kuala Lumpur Kepong dropped 0.67 percent, Maybank was up 0.12 percent, Maxis soared 2.15 percent, MISC added 0.58 percent, Petronas Chemicals gained 0.50 percent, PPB Group increased 0.22 percent, Press Metal skidded 1.02 percent, Public Bank collected 0.87 percent, RHB Capital perked 0.37 percent, Sime Darby Plantations shed 0.26 percent, Telekom Malaysia advanced 0.84 percent, Tenaga Nasional fell 0.19 percent, Top Glove plummeted 4.37 percent and MRDIY, Petronas Gas, Sime Darby, Dialog Group, Digi.com, Nestle and Hong Leong Bank were unchanged.

The lead from Wall Street is mixed as the major averages opened higher on Monday, although the NASDAQ quickly slipped into the red and finished that way. The Dow and the S&P went on to halt five-session slides.

The Dow jumped 261.91 points or 0.76 percent to finish at 34,869.63, while the NASDAQ dipped 9.91 points or 0.07 percent to close at 15,105.58 and the S&P 500 rose 10.15 points or 0.23 percent to end at 4,468.73.

The strength on Wall Street came as traders went bargain hunting following the downward move seen over the past several sessions.

However, the looming Federal Reserve meeting made traders reluctant to make significant moves, with the central bank potentially providing an update on the outlook for its asset purchase program.

The Fed's two-day monetary policy meeting is scheduled for next week, but recent signs of slowing economic momentum could lead the central bank to hold off on discussing tapering.

The price of crude oil showed a notable move to the upside during trading on Monday, reflecting lingering concerns about U.S. supply. After jumping $1.58 or 2.3 percent to $69.72 a barrel last Friday, crude for October delivery climbed $0.73 or 1 percent to $70.45 a barrel.

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