Malaysia Shares Tipped To Open In The Red

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last eight trading days since the end of the two-day slide in which it had slipped more than 10 points or 0.6 percent. The Kuala Lumpur Composite Index now sits just above the 1,535-point plateau and the losses may accelerate on Wednesday.

The global forecast for the Asian markets suggests further consolidation on concerns over the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were sharply lower and the Asian markets also figure to open in the red.

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 dipped 2.29 points or 0.15 percent to finish at 1,536.98 after trading between 1,518.84 and 1,537.92.

Among the actives, Celcomdigi slumped 0.70 percent, while CIMB Group rallied 1.24 percent, Genting surged 4.26 percent, Genting Malaysia added 0.70 percent, IHH Healthcare dipped 0.17 percent, IOI Corporation plummeted 2.70 percent, Kuala Lumpur Kepong retreated 1.88 percent, Maxis tumbled 1.90 percent, Maybank gained 0.31 percent, MISC sank 0.40 percent, MRDIY skidded 0.65 percent, Petronas Chemicals fell 0.29 percent, PPB Group perked 0.13 percent, Press Metal plunged 2.58 percent, Public Bank collected 0.47 percent, QL Resources dropped 0.50 percent, RHB Capital and Tenaga Nasional both lost 0.36 percent, Sime Darby shed 0.38 percent, Sime Darby Plantations tanked 2.29 percent, Telekom Malaysia advanced 0.85 percent, YTL Corporation declined 1.87 percent, YTL Power rose 0.25 percent and Axiata was unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower on Tuesday and remained deep in the red throughout the session, ending near daily lows.

The Dow plummeted 404.64 points or 1.04 percent to finish at 38,585.19, while the NASDAQ tumbled 267.92 points or 1.65 percent to close at 15,939.59 and the S&P 500 sank 52.30 points or 1.02 percent to end at 5,078.65.

The weakness on Wall Street came as traders continued to cash in on recent strength in the markets, which lifted the S&P 500 and the NASDAQ to record closing highs last week.

Uncertainty about the outlook for interest rates also weighed on the markets ahead of congressional testimony by Federal Reserve Chair Jerome Powell. He's due to testify before the House Financial Services Committee later today and the Senate Banking Committee on Thursday.

In U.S. economic news, the Institute for Supply Management said U.S. service sector growth slowed more than expected in February. Also, The Commerce Department noted a drop in new orders for U.S. manufactured goods in January.

Crude oil futures settled lower on Tuesday, falling for the second consecutive session on concerns about the outlook for demand. West Texas Intermediate Crude oil futures for April ended down $0.59 at $78.15 a barrel.