Continued Consolidation Called For Malaysia Bourse

(RTTNews) - The Malaysia stock market has moved lower in four 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 and it may extend its losing streak again on Wednesday.

The global forecast suggests volatility, with wild swings on deeply discounted stocks tempered by ongoing trade concerns. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KLCI finished barely lower on Tuesday following losses from the plantations, support from the telecoms and a mixed picture from the financial sector.

For the day, the index eased 0.24 points or 0.02 percent to finish at 1,443.56 after trading between 1,440.89 and 1,454.58.

Among the actives, 99 Speed Mart Retail rallied 2.03 percent, while Axiata spiked 2.91 percent, Celcomdigi stumbled 2.51 percent, CIMB Group advanced 0.91 percent, Gamuda accelerated 2.17 percent, IHH Healthcare gained 0.30 percent, IOI Corporation plummeted 4.16 percent, Kuala Lumpur Kepong plunged 3.73 percent, Maxis increased 0.61 percent, Maybank skidded 1.20 percent, MISC added 0.45 percent, MRDIY slumped 1.43 percent, Nestle Malaysia rose 0.22 percent, Petronas Chemicals tumbled 2.00 percent, Petronas Dagangan surged 5.77 percent, Petronas Gas tanked 3.55 percent, PPB Group dropped 1.08 percent, Press Metal jumped 1.82 percent, Public Bank collected 0.24 percent, QL Resources climbed 1.08 percent, RHB Bank fell 0.15 percent, Sime Darby declined 1.48 percent, SD Guthrie retreated 1.72 percent, Sunway soared 3.22 percent, Telekom Malaysia strengthened 1.10 percent, Tenaga Nasional improved 0.76 percent, YTL Power sank 0.67 percent and YTL Corporation was unchanged.

The lead from Wall Street suggests further consolidation as the major averages opened in the green on Tuesday but faded as the day progressed, ending firmly under water.

The Dow stumbled 320.01 points or 0.84 percent to finish at 37,645.69, while the NASDAQ plunged 335.35 points or 2.15 percent to close at 15,267.91 and the S&P 500 dropped 79.48 points or 1.57 percent to end at 4,982.77.

The early rally on Wall Street partly reflected optimism about negotiations on President Donald Trump's new tariffs that could help avoid a global trade war.

Buying waned over the course of the session, however, as tensions over tariffs continue to rise between the U.S. and China.

After showing a strong move to the upside early in the session, the price of crude oil once again came under pressure over the course of the trading day on Tuesday. West Texas Intermediate for May delivery tumbled $1.12 or 1.9 percent to $59.58 a barrel, its lowest level since April 2021.