Malaysia Stock Market Set To End Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in back-to-back sessions, slipping more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,450-point plateau although it's predicted to stop the bleeding on Wednesday.

The global forecast for the Asian markets is upbeat on optimism for the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Tuesday following losses from the financials, telecoms and glove makers, while the plantations were mixed.

For the day, the index dropped 13.46 points or 0.92 percent to finish at 1,450.54 after trading between 1,447.87 and 1,461.51. Volume was 2.781 billion shares worth 1.677 billion ringgit. There were 541 decliners and 332 gainers.

Among the actives, Axiata fell 1.03 percent, while CIMB Group slumped 1.46 percent, Dialog Group tanked 2.40 percent, Digi.com tumbled 2.31 percent, Genting skidded 1.31 percent, Genting Malaysia weakened 1.45 percent, Hartalega Holdings plummeted 6.98 percent, IHH Healthcare was down 0.50 percent, INARI surrendered 2.29 percent, Kuala Lumpur Kepong spiked 2.18 percent, Maybank lost 1.05 percent, Maxis shed 1.06 percent, MISC slipped 0.83 percent, MRDIY slid 0.98 percent, Petronas Chemicals sank 1.15 percent, PPB Group dipped 0.61 percent, Press Metal perked 0.21 percent, Public Bank was down 0.23 percent, RHB Capital stumbled 1.25 percent, Sime Darby declined 1.76 percent, Sime Darby Plantations eased 0.22 percent, Telekom Malaysia retreated 1.62 percent, Tenaga Nasional dropped 1.19 percent, Top Glove plunged 4.90 percent and IOI Corporation and Nestle were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday and then bounced higher again to end in the green.

The Dow added 56.22 points or 0.17 percent to finish at 33,592.92, while the NASDAQ jumped 162.19 point or 1.45 percent to end at 11,358.41 and the S&P 500 gained 34.48 points or 0.87 percent to close at 3,991.73.

The early rally on Wall Street followed the release of a Labor Department report showing producer prices in the U.S. crept up much less than expected in October.

Following last week's tamer-than-expected consumer price inflation report, the data added to optimism about the Federal Reserve slowing the pace of interest rate hikes as soon as next month.

However, stocks pulled back well off their best levels of the day following reports Russian missiles crossed into Poland, killing two people.

Crude oil futures settled higher Tuesday, thanks to the smaller-than-expected increase in U.S. producer prices in October. West Texas Intermediate Crude oil futures for December ended higher by $0.94 at 86.81 a barrel.