Malaysia Stock Market Due For Support On Tuesday

(RTTNews) - The Malaysia stock market has finished lower in five straight sessions, giving up more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,415-point plateau and it's expected to find traction on Tuesday.

The global forecast for the Asian markets is cautiously optimistic on hopes the Republican-manufactured U.S. debt ceiling situation can soon be resolved. The European and U.S. markets were slightly higher and the Asian bourses are tipped to follow suit.

The KLCI finished modestly lower on Monday following losses from the telecoms and plantations and a mixed performance from the financial shares.

For the day, the index fell 5.55 points or 0.39 percent to finish at 1,417.37 after trading between 1,415.94 and 1,427.36.

Among the actives, Axiata declined 1.62 percent, while CIMB Group gained 0.61 percent, Dialog Group plummeted 2.67 percent, Digi.com slumped 1.34 percent, Genting skidded 1.31 percent, Genting Malaysia retreated 1.47 percent, IHH Healthcare improved 1.03 percent, INARI plunged 2.70 percent, IOI Corporation and Sime Darby Plantations both tumbled 1.79 percent, Kuala Lumpur Kepong was up 0.09 percent, Maxis advanced 0.92 percent, MISC rose 0.14 percent, MRDIY shed 0.62 percent, Petronas Chemicals sank 0.71 percent, PPB Group climbed 1.11 percent, Press Metal stumbled 1.44 percent, Public Bank dropped 0.76 percent, RHB Capital collected 0.36 percent, Telekom Malaysia lost 0.59 percent, Tenaga Nasional added 0.63 percent and Maybank and Sime Darby were unchanged.

The lead from Wall Street ends up positive as the major averages opened lower on Monday, stagnated for a bit and then finally crept up into positive territory.

The Dow added 47.98 points or 0.14 percent to finish at 33,348.60, while the NASDAQ jumped 80.47 points or 0.66 percent to close at 12,365.21 and the S&P 500 rose 12.20 points or 0.30 percent to end at 4,136.28.

The higher close on Wall Street may partly have reflected optimism about an eventual agreement on raising the U.S. debt following comments from Treasury Secretary Janet Yellen.

Yellen said the administration and congressional Republicans are making progress in their negotiations over federal spending and raising the debt limit.

In economic news, the New York Fed released a report this morning showing a strong downturn in regional manufacturing activity in May.

Crude oil prices climbed higher Monday, riding on prospects of lower supplies in Canada and elsewhere, while a weaker dollar also contributed to oil's uptick. West Texas Intermediate Crude oil futures for June gained $1.07 or 1.5 percent at $71.11 a barrel after three days of losses.