Malaysia Stock Market Tipped To Open In The Red

(RTTNews) - The Malaysia stock market has moved higher in two straight sessions, gathering more than 7 points or 0.5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,440-point plateau although it's expected to open under pressure on Tuesday.

The global forecast for the Asian markets is mixed to lower, with support from oil stocks likely to offset weakness from technology shares. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Monday following gains from the telecoms, weakness from the glove makers and mixed performances from the financials and plantations.

For the day, the index rose 1.42 points or 0.10 percent to finish at 1,438.12 after trading between 1,431.65 and 1,441.03. Volume was 2.658 billion shares worth 1.437 billion ringgit. There were 546 gainers and 365 decliners.

Among the actives, CIMB Group added 0.41 percent, while Dialog Group jumped 1.43 percent, Genting slumped 0.66 percent, Genting Malaysia lost 0.35 percent, Hartalega Holdings declined 1.08 percent, IHH Healthcare rallied 0.93 percent, INARI surged 2.69 percent, IOI Corporation tumbled 1.56 percent, Kuala Lumpur Kepong eased 0.09 percent, Maybank dipped 0.23 percent, Maxis fell 0.31 percent, MISC spiked 1.73 percent, MRDIY accelerated 1.52 percent, Petronas Chemicals sank 0.54 percent, Press Metal tanked 1.68 percent, Public Bank collected 0.23 percent, RHB Capital strengthened 0.88 percent, Sime Darby and Sime Darby Plantations both soared 1.90 percent, Telekom Malaysia climbed 0.78 percent, Tenaga Nasional plunged 2.32 percent, Top Glove retreated 0.95 percent and Axiata, Digi.com and PPB Group were unchanged.

The lead from Wall Street is negative as the major averages quickly headed south on Monday, rebounded midday and then turned modestly lower again into the close.

The Dow sank 62.42 points or 0.20 percent to finish at 31,438.26, while the NASDAQ shed 83.07 points or 0.72 percent to end at 11,524.55 and the S&P 500 dipped 11.63 points or 0.30 percent to close at 3,900.11.

The volatility came as investors stayed cautious, reassessing the expected path of Federal Reserve interest rate hikes amid falling inflation expectations.

In economic news, the Commerce Department said new orders for U.S. manufactured durable goods increased more than expected in May. Also, the National Association of Realtors noted an unexpected rebound in pending home sales in May.

Oil futures settled higher on Monday, extending gains from the previous session amid slightly easing worries about outlook for energy demand. West Texas Intermediate Crude oil futures for August ended higher by $1.95 or 1.8 percent at $109.57 a barrel.