Losing Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished lower in back-to-back sessions, slumping more than 20 points or 1.1 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,710-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets suggests renewed pressure thanks to a rebound by crude oil prices. The European markets were mixed and flat and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Tuesday following losses from the financial shares and mixed performances from the plantations and telecoms.

For the day, the index sank 11.95 points or 0.69 percent to finish at 1,708.76 after trading between 1,704.06 and 1,732.09. Among the actives, 99 Speed Mart Retail added 0.57 percent, while AMMB Holdings stumbled 2.21 percent, Axiata advanced 0.87 percent, Celcomdigi rallied 2.29 percent, CIMB Group slipped 0.51 percent, Gamuda skidded 1.21 percent, IHH Healthcare fell 0.55 percent, IOI Corporation jumped 1.47 percent, Kuala Lumpur Kepong dipped 0.50 percent, Maxis and QL Resources both strengthened 1.37 percent, Maybank tanked 2.24 percent, MISC spiked 5.26 percent, MRDIY plunged 3.61 percent, Nestle Malaysia declined 1.95 percent, Petronas Chemicals soared 5.84 percent, Petronas Dagangan dropped 1.10 percent, Petronas Gas surged 6.31 percent, PPB Group shed 0.86 percent, Press Metal plummeted 5.92 percent, Public Bank was down 0.21 percent, RHB Bank sank 0.94 percent, Sime Darby tumbled 2.07 percent, SD Guthrie lost 0.68 percent, Sunway contracted 1.86 percent, Telekom Malaysia weakened 1.48 percent, Tenaga Nasional eased 0.14 percent, YTL Corporation climbed 1.21 percent and YTL Power retreated 2.05 percent.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and bounced back and forth cross the unchanged line before settling slightly in the red.

The Dow shed 84.41 points or 0.18 percent to finish at 46,124.06, while the NASDAQ dropped 184.87 points or 0.84 percent to end at 21,761.89 and the S&P 500 sank 24.63 points or 0.37 percent to close at 6,556.37.

The choppy trading on Wall Street came amid a rebound by the price of crude oil, with international benchmark Brent crude futures surging back above $100 a barrel.

Crude oil prices surged on Tuesday as market participants found U.S. President Donald Trump's announcement of U.S.-Iran peace talks to be unfounded. West Texas Intermediate crude for May delivery was up $3.90 or 4.43 percent at $92.03 per barrel.

Iran's foreign ministry said Trump's remarks were "part of efforts to reduce energy prices and buy time" for military plans.