Malaysia Stock Market Predicted To Extend Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in six straight sessions, slumping more than 20 points or 1.5 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,450-point plateau and it's tipped to open in the red again on Thursday.

The global forecast for the Asian markets is mixed to lower on concerns about growth and the outlook for interest rates. The European and U.S. markets were mixed to lower and the Asian bourses figure to follow suit.

The KLCI finished slightly lower on Wednesday following losses from the telecoms and mixed performances from the financial shares and plantation stocks.

For the day, the index dipped 3.99 points or 0.27 percent to finish at 1,450.20 after trading between 1,444.39 and 1,454.38.

Among the actives, Axiata declined 1.26 percent, while CIMB Group rose 0.18 percent, Digi.com slumped 1.16 percent, Genting jumped 1.72 percent, IHH Healthcare tumbled 1.38 percent, INARI retreated 1.22 percent, IOI Corporation skidded 1.04 percent, Kuala Lumpur Kepong gained 0.19 percent, Maybank sank 0.23 percent, Maxis climbed 1.28 percent, MISC plunged 1.72 percent, MRDIY plummeted 2.94 percent, Petronas Chemicals advanced 0.56 percent, Press Metal fell 0.19 percent, Public Bank collected 0.24 percent, RHB Capital increased 0.35 percent, Sime Darby added 0.44 percent, Sime Darby Plantations improved 0.47 percent, Telekom Malaysia tanked 1.39 percent, Tenaga Nasional dropped 0.94 percent and Genting Malaysia, Dialog Group, PPB Group and Nestle Malaysia were unchanged.

The lead from Wall Street is mostly negative as the major averages opened lower on Wednesday in a volatile session, finally ending mixed.

The Dow rose 5.14 points or 0.02 percent to finish at 32,661.84, while the NASDAQ lost 76.06 points or 0.66 percent to close at 11,379.48 and the S&P 500 sank 18.76 points or 0.47 percent to end at 3,951.39.

The choppy trading on Wall Street followed the release of a report from the Institute for Supply Management on U.S. manufacturing activity in February. While the index improved to 47.7 from 47.4 in January, it remained in contraction.

The report also showed the prices index jumped to 51.3 in February from 44.5 in January, indicating a spike in raw materials prices after four months of decline - which added to recent concerns about inflation and the outlook for interest rates.

Treasury yields jumped following the release of the report, with the 10-year yield reaching its highest levels in over three months.

Crude oil futures settled at near two-week high on Wednesday, boosted by upbeat China factory data that raised the outlook for energy demand. West Texas Intermediate Crude oil futures for April climbed $0.64 or 0.8 percent at $77.69 a barrel.