Malaysia Bourse May Turn Lower Again On Wednesday

(RTTNews) - The Malaysia stock market on Tuesday snapped the five-day losing streak in which it had slumped almost 60 points or 3.6 percent. The Kuala Lumpur Composite Index now sits just above the 1,710-point plateau although it may head south again on Wednesday.

The global forecast for the Asian markets is negative on continuing concerns over the conflict in the Middle East, although oil stocks are expected to continue to soar. The European and U.S. markets were down and the Asian markets are expected to follow that lead.

The KLCI finished modestly higher on Tuesday as gains from the financial shares, telecoms and industrials were capped by weakness from the plantations.

For the day, the index added 11.74 points or 0.69 percent to finish at 1,711.95 after trading between 1,704.23 and 1,715.93. Among the actives, 99 Speed Mart Retail soared 2.90 percent, while AMMB Holdings gained 0.78 percent, Axiata jumped 1.76 percent, Celcomdigi vaulted 1.27 percent, CIMB Group improved 1.01 percent, Gamuda expanded 1.22 percent, IHH Healthcare perked 0.22 percent, IOI Corporation slumped 1.02 percent, Kuala Lumpur Kepong shed 0.53 percent, Maxis was up 0.26 percent, Maybank advanced 1.02 percent, MISC increased 0.86 percent, MRDIY surged 3.01 percent, Nestle Malaysia picked up 0.56 percent, Petronas Chemicals accelerated 1.77 percent, Petronas Dagangan and YTL Power both climbed 1.08 percent, Petronas Gas dropped 0.89 percent, PPB Group fell 0.19 percent, Press Metal spiked 1.80 percent, Public Bank collected 0.82 percent, QL Resources rose 0.76 percent, RHB Bank rallied 1.65 percent, Sime Darby added 0.84 percent, SD Guthrie sank 0.71 percent, Sunway tumbled 2.46 percent, Telekom Malaysia elevated 0.27 percent, Tenaga Nasional gathered 0.70 percent and YTL Corporation and Hong Leong Bank were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent the entire session in the red, although closing at their best levels for the day.

The Dow stumbled 403.51 points or0.83 percent to finish at 48,501.27, while the NASDAQ sank 232.17 points or 1.02 percent to end at 22,516.69 and the S&P 500 dropped 64.99 points or 0.94 percent to close at 6,816.63.

The early nosedive on Wall Street came amid concerns about the fallout from the ongoing conflict in the Middle East. As the conflict entered its fourth day, U.S. President Donald Trump suggested the war may last four to five weeks but could "go far longer than that."

The price of crude oil has continued to spike in response to the conflict, raising worries the jump in prices will lead to higher inflation.

Supply concerns were also worsened by the attacks on several oil refineries, including Saudi Aramco's oil facility in Ras Tanura.

After skyrocketing in the previous session, crude oil prices continued to soar on Tuesday after Iran closed the Strait of Hormuz. West Texas Intermediate crude for April delivery surged $3.35 or 4.7 percent to $74.58 a barrel.