Mild Selling Pressure Tipped For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished lower in five straight sessions, shedding more than 35 points or 2.3 percent along the way. The Kuala Lumpur Composite Index new rests just above the 1,480-point plateau and it's expected to open under pressure again on Wednesday.

The global forecast for the Asian markets remains soft on concerns over an economic slowdown and the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index fell 4.80 points or 0.32 percent to finish at 1,482.57 after trading between 1,477.54 and 1,484.92. Volume was 2.026 billion shares worth 1.551 billion ringgit. There were 467 decliners and 407 gainers. Among the actives, Axiata climbed 1.67 percent, while CIMB Group slumped 0.56 percent, Dialog Group surged 3.98 percent, Digi.com fell 0.28 percent, Hartalega Holdings jumped 1.78 percent, IHH Healthcare slid 0.16 percent, Inari Amertron tumbled 1.11 percent, Kuala Lumpur Kepong plummeted 3.72 percent, Maybank dropped 0.45 percent, Maxis added 0.53 percent, MISC dipped 0.14 percent, MRDIY skidded 0.48 percent, Petronas Chemicals was down 1.61 percent, Public Bank collected 0.22 percent, RHB Capital tanked 1.37 percent, Sime Darby sank 0.42 percent, Sime Darby Plantations plunged 2.22 percent, Telekom Malaysia declined 0.88 percent, Tenaga Nasional eased 0.12 percent, Top Glove retreated 0.60 percent and Genting, PPB Group, IOI Corporation, Press Metal Aluminum, Genting Malaysia and Nestle were unchanged.

The lead from Wall Street suggests mild consolidation again on Wednesday as the major averages shook off early support and finished slightly lower.

The Dow dropped 154.02 points or 0.47 percent to finish at 32,909.59, while the NASDAQ eased 0.27 points or 0.00 percent to close at 12,381.30 and the S&P 500 dipped 9.26 points or 0.22 percent to end at 4,128.73.

The weakness that emerged on Wall Street came as traders were cautious ahead of Fed Chair Jerome Powell's speech at the central bank's annual Jackson Hole economic symposium later this week, which may provide clues about the bank's outlook for the economy and interest rates.

In economic news, Markit Economics said its manufacturing PMI slowed in August, while the services and composite PMIs contracted at an accelerated rate. Also, the Commerce Department said new home sales slumped in July to their lowest reading since January 2016.

Crude oil prices rose sharply on Tuesday with traders weighing the prospects of OPEC and allies cutting output to support prices in the event of Iranian crude entering the market. West Texas Intermediate Crude oil futures for September jumped $3.38 or 3.7 percent at $93.74 a barrel.