Malaysia Bourse May Extend Monday's Losses

(RTTNews) - The Malaysia stock market on Monday snapped the two-day winning streak in which it had collected more than 25 points or 1.6 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,540-point plateau and the losses may accelerate on Tuesday.

The global forecast for the Asian markets is soft on tariff concerns and sinking oil prices. 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 lower on Monday following losses from the telecoms and plantations, while the financials and industrials were mixed.

For the day, the index dipped 2.95 points or 0.19 percent to finish at 1,539.54 after trading between 1,534.52 and 1,548.95.

Among the actives, 99 Speed Mart Retail stumbled 2.20 percent, while Celcomdigi retreated 1.82 percent, CIMB Group sank 0.98 percent, Gamuda dipped 0.45 percent, IHH Healthcare lost 0.71 percent, IOI Corporation skidded 1.08 percent, Kuala Lumpur Kepong tumbled 1.71 percent, Maxis declined 1.62 percent, Maybank collected 0.10 percent, MISC and Petronas Dagangan both slumped 1.33 percent, MRDIY fell 0.60 percent, Nestle Malaysia gained 0.30 percent, Petronas Chemicals improved 0.88 percent, Press Metal added 0.61 percent, Public Bank advanced 0.90 percent, RHB Bank rallied 1.36 percent, Sime Darby slid 0.48 percent, Sunway dropped 1.04 percent, Telekom Malaysia shed 0.87 percent, Tenaga Nasional slipped 0.43 percent, YTL Corporation surged 3.63 percent, YTL Power soared 2.33 percent and Axiata, PPB Group, QL Resources and SD Guthrie were unchanged.

The lead from Wall Street is negative as the major averages opened lower on Monday, rallied midday but turned lower into the finish to end in the red.

The Dow shed 98.60 points or 0.24 percent to finish at 41,218.83, while the NASDAQ dropped 133.49 points or 0.74 percent to close at 17,844.24 and the S&P 500 sank 36.29 points or 0.64 percent to end at 5,650.38.

The early pullback on Wall Street came as some traders looked to cash in on the recent strength in the markets, which had lifted the major averages to their best levels in a month.

Renewed trade concerns also weighed on stocks after President Donald Trump announced plans to impose a 100 percent tariff on movies produced in foreign countries.

However, early selling pressure waned following the release of a report from the Institute for Supply Management showing an unexpected increase in U.S. service sector activity in April.

Crude oil futures moved sharply lower on Monday to a four-year low after several members of OPEC+ agreed to increase oil production for a second month. West Texas Intermediate crude for June delivery tumbled $1.16 or 2 percent to $57.13 a barrel.