Losing Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved lower in four straight sessions, sinking more than 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,610-point plateau and it may take further damage again on Tuesday. The global forecast for the Asian markets is flat to lower ahead of the FOMC meeting later this week. The European markets were mixed and little changed and the U.S. bourses were soft and the Asian markets figure to split the difference. The KLCI finished slightly lower on Monday following losses from the financials, industrials and plantations, while the telecoms were mixed. For the day, the index slipped 3.74 points or 0.23 percent to finish at 1,612.78 after trading between 1,601.50 and 1,616.49. Among the actives, 99 Speed Mart Retail fell 0.57 percent, while AMMB Holdings slid 0.49 percent, while Axiata surged 3.17 percent, Celcomdigi shed 0.61 percent, CIMB Group eased 0.13 percent, Gamuda and SD Guthrie both dropped 0.76 percent, IHH Healthcare jumped 1.31 percent, IOI Corporation plunged 2.19 percent, Kuala Lumpur Kepong retreated 1.36 percent, Maxis spiked 1.86 percent, Maybank lost 0.59 percent, MISC and YTL Corporation both tanked 1.88 percent, Nestle Malaysia gained 0.45 percent, Petronas Chemicals plummeted 3.40 percent, Petronas Dagangan sank 0.62 percent, Petronas Gas declined 1.28 percent, PPB Group tumbled 1.57 percent, Press Metal rallied 1.19 percent, Public Bank slipped 0.46 percent, QL Resources skidded 0.99 percent, RHB Bank contracted 0.82 percent, Sime Darby slumped 1.05 percent, Sunway soared 2.76 percent, Telekom Malaysia rose 0.13 percent, Tenaga Nasional added 0.47 percent, YTL Power stumbled 1.82 percent and MRDIY and Hong Leong Bank were unchanged.

The lead from Wall Street is weak as the major averages opened mixed but quickly headed south and spent the balance of the session well under water.

The Dow dropped 215.67 points or 0.45 percent to finish at 47,739.32, while the NASDAQ sank 32.22 points or 0.14 percent to close at 23,545.90 and the S&P 500 fell 23.89 points or 0.35 percent to end at 6,846.51.

The modest pullback on Wall Street reflected profit taking following recent strength in the markets, which saw the NASDAQ and S&P 500 reach their best closing levels in a month last Friday.

Overall trading activity was somewhat subdued, however, as traders looked ahead to the Federal Reserve's monetary policy decision on Wednesday.

With the Fed widely expected to lower interest rates by another quarter point, traders are likely to pay close attention to the accompanying statement for clues about the likelihood of further rate cuts next year.

Crude oil prices slumped on Monday as the U.S. dollar strengthened ahead of the Federal Reserve's interest rate decision, which has largely been priced in. West Texas Intermediate crude for January delivery was down $1.28 or 2.13 percent at $58.80 per barrel.