Malaysia Bourse May Extend Tuesday's Losses

(RTTNews) - The Malaysia stock market has finished lower in two of three trading days since the end of the five-day winning streak in which it had rallied more than 35 points or 2.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,630-point plateau and the losses may accelerate on Wednesday.

The global forecast for the Asian markets is soft, with profit taking expected especially among the technology shares. The European markets were flat and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KLCI finished modestly lower on Tuesday following losses from the financial shares, telecoms and plantations, while the industrials were mixed.

For the day, the index slipped 8.06 points or 0.49 percent to finish at 1,630.03 after trading between 1,624.35 and 1,636.50. Among the actives, 99 Speed Mart Retail declined 1.05 percent, while AMMB Holdings slid 0.34 percent, Axiata stumbled 1.49 percent, Celcomdigi skidded 0.81 percent, Gamuda tanked 1.28 percent, Hong Leong Bank collected 0.19 percent, IHH Healthcare plummeted 1.92 percent, Kuala Lumpur Kepong dipped 0.49 percent, Maxis plunged 1.62 percent, Maybank sank 0.70 percent, MISC surrendered 1.22 percent, Nestle Malaysia gained 0.37 percent, Petronas Chemicals surged 2.38 percent, Petronas Dagangan shed 0.61 percent, Petronas Gas dropped 0.74 percent, PPB Group jumped 1.52 percent, Press Metal gave up 0.33 percent, Public Bank and QL Resources both eased 0.23 percent, RHB Bank fell 0.59 percent, Sime Darby slumped 0.92 percent, SD Guthrie slipped 0.57 percent, Telekom Malaysia was down 0.56 percent, Tenaga Nasional lost 0.60 percent, YTL Corporation retreated 1.09 percent, YTL Power added 0.48 percent and IOI Corporation, CIMB Group, MRDIY and Sunway were unchanged.

The lead from Wall Street is weak as the major averages opened slightly higher on Tuesday but quickly headed south and spent the balance of the day in the red, ending near session lows.

The Dow slumped 91.99 points or 0.20 percent to finish at 46,602.98, while the NASDAQ dropped 153.30 points or 0.67 percent to end at 22,788.36 and the S&P 500 sank 25.69 points or 0.38 percent to close at 6,714.59.

The pullback on Wall Street reflected profit taking following recent strength in the markets, which saw the S&P 500 close higher for seven straight sessions.

A slump by shares of Oracle (ORCL) also weighed on the markets following reports that raised questions about the profitability of its artificial intelligence rollout.

Lingering concerns about the economic impact of the ongoing U.S. government shutdown, which has led to the indefinite delay of U.S. economic data, including the Labor Department's closely watched monthly jobs report.

Crude oil prices crept slightly higher on Tuesday, despite forecasts of weakening oil demand. West Texas Intermediate crude for November delivery was up $0.02 or 0.03 percent at $61.71 per barrel.