Malaysia Bourse May Extend Tuesday's Losses

(RTTNews) - The Malaysia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had gathered almost 10 points or 0.6 percent. The Kuala Lumpur Composite Index now sits just above the 1,510-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is negative in rising geopolitical tensions in the Middle East. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

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

For the day, the index fell 8.35 points or 0.55 percent to finish at 1,511.64 after trading between 1,510.92 and 1,520.89.

Among the actives, 99 Speed Mart Retail rallied 1.90 percent, while Axiata tumbled 2.33 percent, Celcomdigi added 0.26 percent, CIMB Group slumped 1.33 percent, IHH Healthcare fell 0.29 percent, IOI Corporation tanked 2.42 percent, Kuala Lumpur Kepong sank 0.80 percent, Maxis slid 0.27 percent, Maybank and Tenaga Nasional both lost 0.42 percent, MISC rose 0.13 percent, MRDIY climbed 1.23 percent, Nestle Malaysia declined 1.40 percent, Petronas Chemicals plummeted 2.94 percent, Petronas Dagangan improved 0.76 percent, Petronas Gas advanced 0.78 percent, PPB Group retreated 2.00 percent, Public Bank dipped 0.24 percent, QL Resources jumped 1.77 percent, RHB Bank shed 0.47 percent, Sime Darby stumbled 2.37 percent, SD Guthrie plunged 2.55 percent, Sunway skidded 1.25 percent, Telekom Malaysia dropped 1.05 percent, YTL Power strengthened 1.36 percent and Gamuda, Press Metal, YTL Corporation and Hong Leong Bank were unchanged.

The lead from Wall Street is weak as the major averages opened slightly lower on Tuesday but saw the losses accelerate as the day progressed, ending firmly under water.

The Dow stumbled 299.29 points or 0.70 percent to finish at 42,215.80, while the NASDAQ slumped 180.12 points or 0.91 percent to close at 19,521.09 and the S&P 500 sank 50.39 points or 0.84 percent to end at 5,982.72.

While reports hinting at an end to hostilities contributed to a rally on Monday, news that President Donald Trump left a G7 summit early to focus on the conflict has led to worries about further escalation.

The weakness on Wall Street also came after the release of a Commerce Department report showing U.S. retail sales fell by more than expected in the month of May.

Crude prices soared on Tuesday, with the conflict between Israel and Iran showing no sign of retreat. West Texas Intermediate crude for July delivery shot up by $3.07 to settle at $74.84 per barrel.