Malaysia Stock Market Tipped To Open In The Red

(RTTNews) - The Malaysia stock market turned lower again on Thursday, one day after ending the two-day losing streak in which it had dropped almost 25 points or 1.7 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,590-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is negative on continuing concerns over U.S. tariffs. The European and U.S. markets finished under water and the Asian markets are expected to open in similar fashion.

The KLCI finished slightly lower on Thursday as losses from the industrials and telecoms were offset by support from the financials and plantations.

For the day, the index slipped 2.11 points or 0.13 percent to finish at 1,586.60 after trading between 1,583.45 and 1,588.29.

Among the actives, 99 Speed Mart Retail advanced 1.42 percent, while Axiata tumbled 1.43 percent, Celcomdigi retreated 1.40 percent, CIMB Group skidded 0.72 percent, Gamuda shed 0.45 percent, IHH Healthcare rose 0.14 percent, IOI Corporation plunged 2.59 percent, Kuala Lumpur Kepong and Hong Leong Bank both added 0.28 percent, Maxis strengthened 1.44 percent, Maybank fell 0.37 percent, MISC lost 0.41 percent, MRDIY spiked 2.60 percent, Nestle Malaysia dropped 0.54 percent, Petronas Chemicals sank 0.53 percent, Petronas Dagangan plummeted 3.51 percent, Petronas Gas slumped 1.02 percent, PPB Group tanked 2.49 percent, Press Metal surged 5.00 percent, Public Bank declined 1.32 percent, QL Resources gained 0.21 percent, RHB Bank rallied 1.81 percent, Sime Darby stumbled 1.72 percent, SD Guthrie climbed 1.43 percent, Sunway accelerated 2.16 percent, Telekom Malaysia improved 0.73 percent, Tenaga Nasional eased 0.15 percent, YTL Corporation soared 3.17 percent and YTL Power jumped 1.60 percent.

The lead from Wall Street is grim as the major averages opened higher on Thursday but faded into the red as the day progressed, ending near session lows.

The Dow stumbled 193.62 points or 0.45 percent to finish at 43,239.50, while the NASDAQ plummeted 530 points or 2.78 percent to close at 18,544.42 and the S&P 500 dropped 94.49 points or 1.59 percent to end at 5,861.57.

Stocks initially benefited from earnings news from Nvidia (NVDA), which reported better than expected Q4 results and provided upbeat revenue guidance. But its shares subsequently tumbled by 8.5 percent as the AI darling and market leader also warned about increase global competition.

The sell-off on Wall Street also came as President Donald Trump said 25 percent tariffs on imports from Mexico and Canada will go into effect on March 4. Trump said an additional 10 percent tariff on imports from China will also be imposed, claiming without evidence that drugs are pouring into the U.S. from Mexico and Canada and that a large percentage of them are supplied by China.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits rose much more than expected last week. Also, the Commerce Department said durable goods orders surged more than expected in January.

Oil prices climbed higher on Thursday as the U.S. decision to revoke Chevron Corporation's license to operate in Venezuela raised supply concerns. West Texas Intermediate Crude oil futures for April closed higher by $1.73 or 2.52 percent at $70.35 a barrel.