Malaysia Bourse May See Another Soft Start
(RTTNews.com) - The Malaysia stock market has finished lower in six consecutive trading days, sliding more than 40 points or 2.4 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,740-point plateau and it may open in the red again on Tuesday.
The global forecast for the Asian markets suggests initial weakness, although bargain hunting and a bump in crude oil prices may lift stocks as the day progresses. The European markets were down and the U.S. markets were mixed and the Asian bourses figure to follow the latter lead.
The KLCI finished sharply lower on Monday following losses from the financial shares, telecoms and plantation stocks.
For the day, the index skidded 18.35 points or 1.04 percent to finish at 1,743.43 after trading between 1,735.30 and 1,748.67. Volume was 1.90 billion shares worth 2.03 billion ringgit. There were 583 decliners and 304 gainers.
Among the actives, Axiata plummeted 6.71 percent, while Sime Darby plunged 3.85 percent, MISC surged 3.43 percent, IOI Corporation tumbled 1.91 percent, Telekom Malaysia skidded 1.30 percent, Tenaga Nasional dropped 1.24 percent, CIMB Group retreated 1.17 percent, YTL Corporation advanced 0.94 percent, Astro Malaysia Holdings shed 0.62 percent, Genting Malaysia lost 0.59 percent, Maybank slid 0.52 percent, Petronas Chemicals added 0.48 percent and Public Bank fell 0.17 percent.
The lead from Wall Street is uninspired as stocks opened lower on Monday. They moved off the lows as the day progressed but still ended mostly in the red.
The Dow fell 103.01 points or 0.41 percent to 24,987.47, while the NASDAQ added 0.65 points or 0.01 perce nt to 7,747.02 and the S&P 500 dipped 5.91 points or 0.21 percent to 2,773.75.
The weakness on Wall Street reflected lingering concerns about a global trade war after the U.S. and China announced plans to impose tariffs on billions of dollars in imported goods. Traders have expressed concerns the new tariffs could negatively affect global economic growth.
In economic news, the National Association of Home Builders noted an unexpected deterioration in homebuilder confidence in June.
Crude oil futures rebounded Monday as traders took advantage of steep recent losses. July West Texas Intermediate crude added 79 cents or 1.2 percent to settle at $65.85 a barrel on the New York Mercantile Exchange.
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This article appears in: Politics , World Markets , US Markets , StocksSource: Google News Malaysia | Netizen 24 Malaysia