Malaysia Stock Market Tipped To Open Under Pressure

(RTTNews) - The Malaysia stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had jumped almost 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,430-point plateau and it may extend its losses on Wednesday.

The global forecast for the Asian markets is soft, with losses among technology stocks likely to be mitigated by continued support from oil shares. The European markets were mixed and little changed and the U.S. markets were down and the Asian bourses figure to split the difference.

The KLCI finished slightly lower on Tuesday following losses from the plantations and mixed performances from the financials and telecoms.

For the day, the index slipped 3.78 points or 0.26 percent to finish at 1,429.61 after trading between 1,426.63 and 1,433.63.

Among the actives, Axiata plummeted 1.92 percent, while CIMB Group added 0.57 percent, Dialog Group climbed 1.26 percent, Digi.com fell 0.23 percent, Genting slid 0.21 percent, Genting Malaysia lost 0.37 percent, IHH Healthcare dropped 0.69 percent, IOI Corporation retreated 1.05 percent, Kuala Lumpur Kepong tanked 1.52 percent, Maybank and Petronas Gas both eased 0.12 percent, Maxis shed 0.49 percent, MISC tumbled 1.36 percent, MRDIY sank 0.61 percent, Petronas Chemicals rose 0.14 percent, RHB Capital collected 0.18 percent, Sime Darby Plantations plunged 1.86 percent, Telekom Malaysia declined 1.01 percent, Tenaga Nasional perked 0.11 percent and PPB Group, Press Metal, Public Bank, Sime Darby, INARI and Nestle Malaysia were unchanged.

The lead from Wall Street is negative as the major averages opened flat on Tuesday but quicky turned lower and finished with modest losses.

The Dow tumbled 198.77 points or 0.59 percent to finish at 33,402.38, while the NASDAQ sank 63.12 points or 0.52 percent to close at 12,126.33 and the S&P 500 shed 23.91 points or 0.58 percent to end at 4,100.60.

Profit taking contributed to the pullback on Wall Street, as traders cashed in on recent strength in the markets amid lingering concerns about the global economic outlook.

Negative sentiment was also generated by a Labor Department report showing job openings in the U.S. fell more than expected in February. Also, the Commerce Department said new orders for U.S. manufactured goods fell more than expected in February.

Crude oil prices climbed higher on Tuesday, extending gains to a fourth straight session as the decision of the OPEC+ to cut crude production continued to support oil prices. West Texas Intermediate Crude oil futures for May ended higher by $0.29 or 0.4 percent at $80.71 a barrel.