Malaysia Bourse May Test Support At 1,500 Points

(RTTNews) - The Malaysia stock market has tracked lower in four straight sessions, slumping more than 45 points or 3 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,520-point plateau and it may open under pressure again on Wednesday.

The global forecast for the Asian markets remains negative on concerns over tariff and on the health of the world's economy. The European and U.S. markets were down again and the Asian bourses are expected to open in similar fashion.

The KLCI finished sharply lower on Tuesday as the financials, telecoms, industrials and plantations were all mostly in the red.

For the day, the index skidded 16.31 points or 1.06 percent to finish at 1,520.15 after trading between 1,514.48 and 1,527.19.

Among the actives, 99 Speed Mart Retail plummeted 4.37 percent, while Axiata stumbled 2.20 percent, Celcomdigi gained 0.28 percent, CIMB Group tanked 3.46 percent, Gamuda dropped 1.22 percent, IHH Healthcare fell 0.82 percent, IOI Corporation dipped 0.27 percent, Kuala Lumpur Kepong was up 0.10 percent, Maybank eased 0.19 percent, MISC rose 0.14 percent, MRDIY plunged 3.70 percent, Nestle Malaysia and Tenaga Nasional both shed 1.03 percent, Petronas Chemicals declined 1.63 percent, PPB Group retreated 1.74 percent, Press Metal tumbled 1.79 percent, Public Bank slid 0.66 percent, QL Resources sank 1.04 percent, RHB Bank lost 0.87 percent, Sime Darby jumped 1.92 percent, SD Guthrie skidded 1.25 percent, Sunway surrendered 3.28 percent, Telekom Malaysia slumped 1.62 percent, YTL Corporation added 0.55 percent, YTL Power rallied 1.31 percent and Maxis was unchanged.

The lead from Wall Street remains soft as the major averages opened mixed but trended generally lower throughout the day before ending in the red.

The Dow tumbled 478.23 points or 1.14 percent to finish at 41,433.48, while the NASDAQ shed 32.23 points or 0.18 percent to close at 17,436.10 and the S&P 500 sank 42.49 points or 0.76 percent to end at 5,572.07.

Stocks tumbled as trade war concerns have escalated with the U.S. and Canada slapping tariffs on each other's goods.

Markets now await U.S. reports on consumer and producer price inflation, as well as readings on consumer sentiment and inflation expectations this week for further direction.

Oil prices climbed higher on Tuesday, bouncing back fairly well on a weaker dollar after dropping to six-month lows in the previous session. West Texas Intermediate Crude oil futures for April added $0.22 or 0.3 percent at $66.25 a barrel.

Closer to home, Malaysia will release January figures for industrial production later today, with forecasts suggesting an increase of 2.7 percent on year - moderating from 4.6 percent in December.