Losing Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has tracked lower in three straight sessions, slumping almost 30 points or 2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,535-point plateau and it may take further damage again on Tuesday. The global forecast for the Asian markets is broadly negative on recession fears and concerns over the health of the world economy. The European and U.S. markets finished sharply lower and the Asian bourses are expected to open under pressure as well.

The KLCI finished modestly lower on Monday following losses from the plantation stocks and telecoms, while the financials and industrials were mixed. For the day, the index sank 10.81 points or 0.70 percent to finish at the daily low of 1,536.46 after peaking at 1,550.00. Among the actives, 99 Speed Mart Retail advanced 0.98 percent, while Axiata plunged 3.19 percent, Celcomdigi dipped 0.28 percent, Gamuda improved 0.74 percent, IHH Healthcare added 0.55 percent, IOI Corporation fell 0.54 percent, Kuala Lumpur Kepong slid 0.29 percent, Maxis and Nestle Malaysia both tanked 2.97 percent, Maybank lost 0.56 percent, MISC stumbled 1.70 percent, MRDIY and Tenaga Nasional both retreated 1.46 percent, Petronas Chemicals skidded 1.08 percent, Press Metal shed 0.59 percent, QL Resources declined 1.44 percent, RHB Bank collected 0.58 percent, Sime Darby plummeted 3.26 percent, SD Guthrie tumbled 1.64 percent, Sunway and YTL Power both sank 0.65 percent, Telekom Malaysia slumped 1.30 percent, YTL Corporation jumped 1.10 percent and PPB Group, Public Bank and CIMB Group were unchanged.

The lead from Wall Street suggests continued consolidation as the major averages opened lower on Monday and continued to weaken as the day progressed.

The Dow plummeted 890.01 points or 2.08 percent to finish at 41,911.71, while the NASDAQ crashed 727.90 points or 4.00 percent to close at 17,468.32 and the S&P 500 stumbled 155.64 points or 2.70 percent to end at 5,614.56.

The weakness on Wall Street came amidst rising concerns about the outlook for economic growth and corporate earnings after U.S. President Donald Trump declined to rule out the possibility of a recession following his tariff actions on Mexico, Canada and China.

With a slew of crucial economic data due later in the week, the mood in the market is extremely cautious. On tap are reports on consumer and producer price inflation, as well as readings on consumer sentiment and inflation expectations.

Oil prices fell to six-month lows on Monday as worries about global economic growth and fears of a U.S. recession fueled demand concerns. West Texas Intermediate Crude oil futures settled lower by $1.01 or 1.5 percent at $66.03 a barrel, the lowest settlement since September 10, 2024.

Closer to home, Malaysia will release January data for unemployment later today, with forecasts suggesting that the jobless rate will hold steady at 3.1 percent.