Malaysia Stock Market Tipped To Extend Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, slipping more than 10 points or 0.7 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,445-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is mixed to lower ahead of key U.S. employment data later this week, while slumping oil prices also may weigh. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

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

For the day, the index fell 3.64 points or 0.25 percent to finish at 1,445.82 after trading between 1,444.63 and 1,452.07.

Among the actives, Axiata plunged 2.07 percent, while Celcomdigi declined 1.18 percent, Dialog Group sank 0.49 percent, Genting gained 0.66 percent, Genting Malaysia lost 0.37 percent, IHH Healthcare slumped 0.68 percent, IOI Corporation stumbled 0.75 percent, Kuala Lumpur Kepong eased 0.09 percent, Maxis dropped 0.51 percent, Maybank dipped 0.11 percent, MISC shed 0.42 percent, MRDIY retreated 1.30 percent, Petronas Chemicals skidded 0.57 percent, PPB Group perked 0.29 percent, Press Metal advanced 0.83 percent, RHB Capital slid 0.18 percent, Sime Darby tumbled 1.67 percent, Telekom Malaysia fell 0.19 percent, Tenaga Nasional rose 0.20 percent, Westports Holdings added 0.57 percent and AMMB Holdings, CIMB Group, Public Bank and Sime Darby Plantations were unchanged.

The lead from Wall Street is soft as the major average opened higher on Wednesday but couldn't hold the gains and eventually finished under water.

The Dow dropped 70.13 points or 0.19 percent to finish at 36,054.43, while the NASDAQ sank 83.20 points or 0.58 percent to end at 14,146.71 and the S&P 500 lost 17.84 points or 0.39 percent to close at 4,549.34.

The early strength on Wall Street followed the release of a report from payroll processor ADP showing private sector employment in the U.S. increased by less than expected in November.

The weaker than expected private sector job growth added to recent optimism the Federal Reserve is done raising interest rates.

However, stocks retreated as traders chose to lighten commitments due to concerns about possible overbought conditions in the market ahead of the Labor Department's closely watched monthly jobs report on Friday.

Oil prices fell sharply on Wednesday, extending losses to a fifth straight day after data showed a large increase in gasoline inventories in the U.S. last week, raising concerns about the outlook for fuel demand. West Texas Intermediate Crude oil futures for January sank $2.94 or 4.1 percent at $69.38 a barrel.