Malaysia Shares May Take Further Damage On Tuesday

(RTTNews) - The Malaysia stock market has moved lower in four straight sessions, shedding more than 30 points or 2.2 percent along the way. The Kuala Lumpur Composite Index new rests just beneath the 1,490-point plateau and it's expected to open in the red again on Tuesday.

The global forecast for the Asian markets continues to be negative on concerns over the outlook for interest rates and recession fears. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The KLCI finished sharply lower on Monday following losses from the financials, plantations, telecoms and glove makers.

For the day, the index retreated 17.07 points or 1.13 percent to finish at 1,487.37 after trading between 1,486.37 and 1,502.07. Volume was 2.188 billion shares worth 1.561 billion ringgit. There were 670 decliners and 219 gainers. Among the actives, CIMB Group slumped 2.03 percent, while Dialog Group surrendered 2.59 percent, Digi.com slid 0.82 percent, Genting stumbled 1.48 percent, Genting Malaysia slipped 0.67 percent, Hartalega Holdings plummeted 6.63 percent, IHH Healthcare lost 0.94 percent, INARI plunged 5.59 percent, IOI Corporation shed 0.95 percent, Kuala Lumpur Kepong fell 0.88 percent, Maybank dipped 0.56 percent, Maxis dropped 1.04 percent, MISC jumped 1.30 percent, MRDIY sank 0.96 percent, Petronas Chemicals was down 0.46 percent, PPB Group retreated 2.37 percent, Press Metal tumbled 3.51 percent, Public Bank eased 0.43 percent, RHB Capital contracted 0.85 percent, Sime Darby Plantations declined 2.39 percent, Telekom Malaysia skidded 1.21 percent, Tenaga Nasional weakened 1.26 percent, Top Glove tanked 4.02 percent and Axiata, Sime Darby and Petronas Gas were unchanged.

The lead from Wall Street is brutal as the major averages opened sharply lower and remained deep in the red throughout the trading day.

The Dow plummeted 643.13 points or 1.91 percent to finish at 33,063.61, while the NASDAQ plunged 323.64 points or 2.55 percent to close at 12,381.57 and the S&P 500 sank 90.49 points or 2.14 percent to end at 4,137.99.

Concerns about the outlook for interest rates contributed to the weakness on Wall Street ahead of this week's economic symposium in Jackson Hole, Wyoming - where Fed Chair Jerome Powell is expected to sound a more hawkish tone in his comments.

Aggressive monetary tightening by central banks in Europe add to the nervous sentiment, as do concerns about a possible recession in major economies.

Crude oil prices moved lower on Monday on concerns about outlook for energy demand, while the dollar's strength also weighed on oil prices. West Texas Intermediate Crude oil futures for September ended lower by $0.54 or 0.6 percent at $90.23 a barrel.