Malaysia Stock Market May Extend Monday's Losses

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had stumbled almost 7 points or 0.5 percent. The Kuala Lumpur Composite Index now rests just above the 1,475-point plateau and it's expected to open under pressure again on Tuesday. The global forecast for the Asian markets is mixed to lower on concerns over the health of the global economy and the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KLCI finished barely lower on Monday following losses from the plantations and mixed performances from the financials, telecoms and glove makers. For the day, the index dipped 1.45 points or 0.10 percent to finish at 1,477.09 after trading between 1,471.57 and 1,477.41. Among the actives, Axiata added 0.66 percent, while Dialog Group slumped 0.87 percent, Digi.com soared 2.43 percent, Genting sank 0.45 percent, Genting Malaysia tumbled 1.50 percent, Hartalega Holdings surged 3.29 percent, IHH Healthcare jumped 1.72 percent, INARI gained 0.38 percent, IOI Corporation dropped 0.75 percent, Kuala Lumpur Kepong declined 1.19 percent, Maybank fell 0.11 percent, Maxis climbed 1.34 percent, MISC lost 0.14 percent, MRDIY advanced 0.98 percent, PPB Group plunged 2.13 percent, Public Bank collected 0.46 percent, RHB Capital retreated 1.04 percent, Sime Darby Plantations plummeted 7.13 percent, Telekom Malaysia spiked 2.15 percent, Tenaga Nasional rallied 1.75 percent, Top Glove tanked 2.07 percent and Petronas Chemicals, Press Metal, Sime Darby and CIMB Group were unchanged.

The lead from Wall Street is negative as the major averages fluctuated early Monday but then headed well into the red and finished under pressure.

The Dow dropped 162.92 points or 0.49 percent to finish at 32,757.54, while the NASDAQ retreated 159.38 points or 1.49 percent to close at 10,546.03 and the S&P 500 slumped 34.70 points or 0.90 percent to end at 3,817.66.

The extended weakness on Wall Street came as traders continue to express concerns about the outlook for the economy. The Federal Reserve said it will continue raising interest rates next year, leading to worries the aggressive policy tightening will tip the economy into a recession.

In U.S. economic news, the National Association of Home Builders reported that homebuilder confidence in the U.S. unexpectedly saw a continued deterioration in December.

Crude oil prices climbed higher on Monday amid optimism about increased demand for oil from China after the country relaxed certain COVID-related restrictions. West Texas Intermediate Crude oil futures for January ended higher by $0.91 or 1.25 percent at $75.20 a barrel.