The losing streak could continue for the Malaysian stock market
(RTTNews) – The Malaysian stock market ended lower in three consecutive sessions, stumbling more than 25 points or 1.7% along the way. The Kuala Lumpur Composite Index now sits just above the 1,520 point plateau and it expects to extend its losses on Tuesday.
Global forecasts for Asian markets suggest significant consolidations in the face of rising bond yields. European and American markets finished sharply lower and Asian stock markets should open similarly.
The KLCI ended slightly lower on Monday following losses from glove makers and mixed performance from financial stocks and plantations.
For the day, the index lost 2.01 points or 0.13% to end at 1,522.47 after trading between 1,519.66 and 1,532.73. The volume was 3.902 billion shares worth 2.789 billion ringgits. There were 518 declining and 482 winning. Among assets, Axiata gained 0.52%, while Dialog Group lost 0.43%, Digi.com lost 1.14%, Genting gained 0.40%, Genting Malaysia gained 1.00% , Hartalega Holdings fell 0.17%, IHH Healthcare fell 0.75%, IOI Corporation fell 0.27%, Kuala Lumpur Kepong rose 0.50%, Maybank and Public Bank rose both lost 0.25%, Maxis rose 0.22%, MISC climbed 1.17%, MRDIY plunged 1.58%, Petronas Chemicals fell 1.03%, Press Metal jumped 1.42%, RHB Capital raised 0.73%, Sime Darby added 0.88%, Sime Darby Plantations slipped 0.82%, Telekom Malaysia rose 0.35%, Tenaga Nasional improved 0.31 percent, Top Glove fell 1.85%, and CIMB, PPB and Hong Leong Financial Group remained unchanged.
Wall Street’s lead is broadly negative, as the major averages opened on Monday, but quickly declined sharply and stayed that way, ending deep in the red.
The Dow Jones fell 323.54 points or 0.94% to close at 34,002.92, while the NASDAQ fell 311.21 points or 2.14% to close at 14,255.48 and the S&P 500 lost 56.58 points or 1.30% to finish at 4,300.46.
The strong selling pressure on Wall Street came as investors continued to pull back from tech stocks amid rising bond yields. Inflation concerns and uncertainty about the debt limit also weighed on investors.
On the economic news side, the Commerce Department reported that new orders for US manufactured goods jumped more than expected in August.
Crude oil prices rose sharply on Monday, benefiting from OPEC’s decision to stick to its current production policy amid growing demand for petroleum products around the world. West Texas Intermediate crude oil futures for November jumped $ 1.74 or 2.2% to $ 77.62 a barrel, the highest settlement since November 2014.
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