Malaysia Stock Market May See Mild Support On Tuesday

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, sinking more than 25 points or 1.8 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,420-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is mixed and flat ahead of key employment data later this week. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Monday following losses from the financial shares and telecoms, while the plantation stocks were mixed.

For the day, the index shed 5.41 points or 0.38 percent to finish at the daily low of 1,418.76 after peaking at 1,428.04.

Among the actives, Axiata skidded 0.80 percent, while Celcomdigi retreated 1.14 percent, CIMB Group and RHB Capital both lost 0.55 percent, Dialog Group slid 0.47 percent, Genting and Petronas Gas both fell 0.48 percent, Genting Malaysia and Nestle Malaysia both gained 0.40 percent, IHH Healthcare surrendered 1.20 percent, IOI Corporation dropped 0.75 percent, Kuala Lumpur Kepong rose 0.37 percent, Maxis eased 0.25 percent, Maybank dipped 0.46 percent, MISC sank 0.71 percent, MRDIY shed 0.66 percent, Petronas Chemicals tumbled 1.67 percent, PPB Group declined 1.29 percent, Press Metal jumped 1.70 percent, Telekom Malaysia added 0.41 percent, Tenaga Nasional slumped 0.90 percent, Westports Holdings stumbled 1.55 percent and Sime Darby, Sime Darby Plantations and Public Bank were unchanged.

The lead from Wall Street offers little clarity as the major averages opened mixed on Monday and finished the same way, little changed.

The Dow shed 74.15 points or 0.22 percent to finish at 33,433.35, while the NASDAQ jumped 88.45 points or 0.67 percent to close at 13,307.77 and the S&P 500 perked 0.34 points or 0.01 percent to end at 4,288.39.

Concerns about the outlook for interest rates continued to hang over the markets ahead of the release of the Labor Department's closely watched monthly jobs report on Friday.

Negative sentiment was also generated in reaction to a surge by treasury yields, with the yield on the benchmark 10-year note jumping to its highest level in almost sixteen years.

In economic news, the Institute for Supply Management noted a modest slowdown in the pace of contraction in U.S. manufacturing activity in September. Also, the Commerce Department said construction spending in the U.S. increased in line with estimates in August.

Crude oil prices fell sharply on Monday, hurt by a stronger dollar and concerns about prospects of rising supplies in the market. West Texas Intermediate Crude oil futures for November sank $1.97 or 2.2 percent at $88.82 a barrel.