Steady Start Eyed For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, shedding more than 80 points or 5.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,440-point plateau although it may see mild upside on Tuesday.

The global forecast for the Asian markets suggests bargain hunting after a couple of sessions of extremely heavy losses, The European markets were sharply lower and the U.S. bourses were mixed but the Asian markets are due to tick higher.

The KLCI finished sharply lower on Monday with damage across the board thanks to tariff-driven fears, especially among the financials, telecoms, plantations and industrials.

For the day, the index stumbled 60.34 points or 4.01 percent to finish at 1,443.80 after trading between 1,419.05 and 1,475.31.

Among the actives, 99 Speed Mart Retail lost 2.96 percent, while Axiata retreated 5.49 percent, Celcomdigi was down 1.10 percent, CIMB Group tumbled 5.56 percent, Gamuda plunged 8.89 percent, IHH Healthcare gave up 1.18 percent, IOI Corporation slid 2.43 percent, Kuala Lumpur Kepong sank 3.22 percent, Maxis and Tenaga Nasional both fell 2.67 percent, Maybank slipped 2.34 percent, MISC tanked 7.05 percent, MRDIY declined 4.76 percent, Nestle Malaysia rallied 1.37 percent, Petronas Chemicals cratered 8.54 percent, PPB Group dropped 3.32 percent, Press Metal plummeted 10.59 percent, Public Bank skidded 3.66 percent, QL Resources eased 0.65 percent, RHB Bank slumped 4.42 percent, Sime Darby dipped 1.93 percent, SD Guthrie shed 3.13 percent, Sunway crashed 7.34 percent, Telekom Malaysia weakened 3.93 percent, YTL Corporation surrendered 6.81 percent and YTL Power stumbled 6.56 percent.

The lead from Wall Street is murky as the major averages opened lower on Monday but then hugged the line on both sides before finishing mixed and little changed.

The Dow tumbled 349.26 points or 0.91 percent to finish at 37,965.60, while the NASDAQ added 15.48 points or 0.10 percent to close at 15,603.26 and the S&P 500 fell 11.83 points or 0.23 percent to end at 5,062.25.

Stocks initially extended the sell-off seen over the two previous sessions amid ongoing concerns about the impact of President Donald Trump's new tariffs and retaliatory moves by U.S. trade partners.

Adding to worries about a global trade war, Trump threatened to impose an additional 50 percent tariff on Chinese goods unless the country withdraws its new 34 percent tariff on U.S. goods.

Selling pressure waned shortly after the start of trading, however, leading some traders to pick up stocks at reduced levels after the major averages hit their lowest intraday levels in over a year.

Crude oil prices tumbled again on Monday, extending the nosedive seen over the two previous sessions over tariff concerns. After plummeting nearly $10 a barrel last Thursday and Friday, West Texas Intermediate crude for May delivery dropped $1.29 or 2.1 percent to $60.70 a barrel.