Malaysia Bourse May Stop The Bleeding On Tuesday

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, slipping more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,400-point plateau although it's due for support on Tuesday. The global forecast for the Asian markets is positive on easing concerns over the health of the financial sector. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished slightly lower on Monday following losses from the plantations and mixed performances from the financials and telecoms. For the day, the index eased 3.10 points or 0.22 percent to finish at the daily low of 1,396.60 after peaking at 1,404.65. Among the actives, Axiata sank 0.67 percent, while CIMB Group lost 0.58 percent, Dialog Group added 0.44 percent, Digi.com rose 0.23 percent, Genting jumped 1.33 percent, Genting Malaysia advanced 0.78 percent, IHH Healthcare dropped 0.86 percent, IOI Corporation stumbled 1.32 percent, Kuala Lumpur Kepong fell 0.48 percent, Maybank perked 0.12 percent, Maxis weakened 1.01 percent, MISC slid 0.42 percent, MRDIY shed 0.60 percent, Petronas Chemicals spiked 2.25 percent, PPB Group eased 0.12 percent, Press Metal gained 0.43 percent, Public Bank was down 0.26 percent, RHB Capital collected 0.18 percent, Sime Darby slumped 1.40 percent, Sime Darby Plantations retreated 1.42 percent, Telekom Malaysia declined 1.46 percent, Tenaga Nasional tumbled 1.47 percent and INARI, Hong Leong Bank, Nestle Malaysia, Hong Leong Financial and QL Resources were unchanged.

The lead from Wall Street is mixed to higher as the major averages opened in the green on Monday, although the tech-heavy NASDAQ quickly slipped into negative territory and never emerged.

The Dow jumped 194.55 points or 0.60 percent to finish at 32,432.08, while the NASDAQ sank 55.12 points or 0.47 percent to end at 11,768.84 and the S&P 500 rose 6.54 points or 0.16 percent to close at 3,977.53.

The early strength on Wall Street came as traders looked to build on last week's gains as fears of a global banking crisis once again eased following the latest developments in the sector.

Shares of First Citizens BancShares (FCNCA) skyrocketed after the company reached an agreement with the FDIC to purchase all deposits and loans of failed Silicon Valley Bridge Bank.

U.S.-listed shares of Deutsche Bank (DB) also showed a strong move back to the upside after German Chancellor Olaf Scholz noted the bank remains profitable.

Crude oil prices climbed higher on Monday amid concerns about oil supply after Russian President Vladmir Putin said he will station tactical nuclear weapons in ally Belarus. West Texas Intermediate Crude oil futures for May surged $3.55 or 5.1 percent at $72.81 a barrel.