Malaysia Shares Tipped To Extend Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in five straight sessions, slumping almost 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,455-point plateau and it's expected to open under pressure again on Wednesday.

The global forecast for the Asian markets is negative, with profit taking expected amid concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The KLCI finished barely lower on Tuesday following weakness from the telecoms, support from the financials and a mixed performances from the plantations and industrials.

For the day, the index eased 1.31 points or 0.09 percent to finish at 1,454.19 after trading between 1,452.43 and 1,458.97.

Among the actives, Axiata sank 0.31 percent, while CIMB Group jumped 1.26 percent, Dialog Group plunged 3.02 percent, Genting slumped 0.64 percent, Genting Malaysia retreated 0.74 percent, IHH Healthcare dropped 0.34 percent, INARI advanced 1.24 percent, IOI Corporation spiked 2.41 percent, Kuala Lumpur Kepong and Public Bank both skidded .48 percent, Maybank collected 0.57 percent, Maxis tumbled 2.25 percent, MISC soared 2.86 percent, MRDIY surged 3.03 percent, Petronas Chemicals rose 0.14 percent, Petronas Dagangan plummeted 4.37 percent, PPB Group eased 0.11 percent, Press Metal perked 0.19 percent, RHB Capital climbed 1.25 percent, Sime Darby declined 0.87 percent, Sime Darby Plantations surrendered 1.63 percent, Telekom Malaysia rallied 2.24 percent, Tenaga Nasional tanked 2.80 percent and Digi.com was unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday. The Dow spent all day in the red, while the NASDAQ and S&P visited positive territory for a bit but couldn't hold the gains and ended under water.

The Dow tumbled 232.39 points or 0.71 percent to finish at 32,656.70, while the NASDAQ dipped 11.44 points or 0.10 percent to close at 11,455.54 and the S&P 500 fell 12.09 points or 0.30 percent to end at 3,970.15.

The lackluster performance on Wall Street came as traders seemed reluctant to make significant moves amid ongoing concerns about the outlook for interest rates.

In U.S. economic news, MNI Indicators released a report showing Chicago-area business activity unexpectedly contracted at a slightly faster rate in February. Also, the Conference Board said U.S. consumer confidence unexpectedly decreased for the second consecutive month in February.

Following the pullback a day earlier, the price of crude oil showed a strong move back to the upside on Tuesday, thanks to optimism about increased demand from China. West Texas Intermediate crude for April delivery surged $1.37 or 1.8 percent to $77.05 a barrel.