(RTTNews) – The Malaysia stock market on Monday snapped the two-day winning streak in which it had gathered almost 15 points or 1 percent. The Kuala Lumpur Composite Index new rests just beneath the 1,505-point plateau although it’s expected to see renewed support on Tuesday.
The global forecast for the Asian markets is cautiously optimistic, shaking off concerns over the health of the Chinese economy. The European and US markets managed some mild upside and the Asian bourses figure to open in similar fashion.
The KLCI finished slightly lower on Monday following more losses from the glove makers and mixed performances from the financials, telecoms and plantations.
For the day, the index dipped 2.18 points or 0.14 percent to finish at 1,504.01 after trading between 1,503.02 and 1,510.11. Volume was 2.545 billion shares worth 1.728 billion ringgit. There were 496 decliners and 319 gainers. Among the actives, Axiata rose 0.34 percent, while Dialog Group improved 0.87 percent, Digi.com retreated 0.82 percent, Genting slumped 0.63 percent, Hartalega Holdings plunged 7.00 percent, IOI Corporation added 0.73 percent, Kuala Lumpur Kepong lost 0.36 percent, Maybank declined 0.67 percent, Maxis climbed 1.06 percent, MISC gained 0.69 percent, MRDIY tumbled 0.95 percent, Petronas Chemicals fell 0.23 percent, PPB Group and Telekom Malaysia both increased 0.36 percent, Press Metal dropped 0.62 percent, Public Bank perked 0.22 percent, RHB Capital sank 0.50 percent , Sime Darby jumped 1.30 percent, Sime Darby Plantations tanked 1.72 percent, Tenaga Nasional advanced 1.04 percent, Top Glove plummeted 7.02 percent and CIMB Group, IHH Healthcare, INARI and Genting Malaysia were unchanged.
The lead from Wall Street is positive as the major averages shook off early weakness on Monday, broke into the green midway into the session and finished near daily highs.
The Dow jumped 151.39 points or 0.45 percent to finish at 33,912.44, while the NASDAQ advanced 80.87 points or 0.62 percent to close at 13,128.05 and the S&P 500 rose 16.99 points or 0.40 percent to end at 4,297.14.
The lower opening on Wall Street came on lingering concerns about the global economy following the release of weak Chinese data and a surprise interest rate cut by China’s central bank.
In US economic news, the New York Federal Reserve reported an unexpected contraction in regional manufacturing activity in August. Also, the National Association of Home Builders noted continued deterioration in US homebuilder confidence in August.
Crude oil prices tumbled Monday on worries about energy demand after data showed slower than expected growth of the Chinese economy in July. The lowering of the oil demand forecast for 2022 by OPEC also weighed on prices. West Texas Intermediate Crude oil futures for September dropped $2.68 or 2.9 percent at $89.41 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.