Malaysia Stock Market May Find Traction On Tuesday

(RTTNews) - The Malaysia stock market has finished lower in back-to-back sessions, sinking almost 15 points or 0.9 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,700-point plateau although it's due for support on Tuesday.

The global forecast for the Asian markets is upbeat on easing crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished slightly lower on Monday following mixed performances from the financial shares, industrials, telecoms and plantations.

For the day, the index dipped 2.29 points or 0.13 percent to finish at 1,696.56 after trading between 1,688.46 and 1,701.18. Among the actives, 99 Speed Mart Retail sank 0.28 percent, while AMMB Holdings fell 0.15 percent, Axiata vaulted 1.35 percent, Celcomdigi added 0.31 percent, CIMB Group perked 0.04 percent, Gamuda and YTL Corporation both retreated 1.19 percent, IHH Healthcare improved 0.68 percent, Kuala Lumpur Kepong declined 0.61 percent, Maxis tanked 2.36 percent, Maybank rallied 1.41 percent, MISC and RHB Bank both slumped 0.48 percent, MRDIY plunged 2.42 percent, Nestle Malaysia shed 0.20 percent, Petronas Chemicals plummeted 3.58 percent, Petronas Dagangan surged 3.01 percent, Petronas Gas increased 0.57 percent, PPB Group stumbled 2.28 percent, Press Metal advanced 0.79 percent, Public Bank collected 0.21 percent, Sime Darby climbed 1.29 percent, SD Guthrie jumped 1.75 percent, Sunway gained 0.19 percent, Telekom Malaysia dropped 0.41 percent, Tenaga Nasional dipped 0.14 percent, YTL Power tumbled 1.77 percent and IOI Corporation and QL Resources were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Monday and remained firmly in the green throughout the trading day, snapping a four-day losing streak.

The Dow jumped 387.94 points or 0.83 percent to finish at 46,946.41, while the NASDAQ rallied 268.82 points or 1.22 percent to end at 22,374.18 and the S&P 500 spiked 67.19 points or 1.01 percent to close at 6,699.38.

The rebound on Wall Street came amid a sharp pullback by the price of crude oil after President Donald Trump called on other countries to help secure the Strait of Hormuz.

Crude oil prices slipped Monday as the blockade of the Strait of Hormuz showed mild signs of easing. West Texas Intermediate crude for April delivery was down $5.38 or 5.45 percent at $93.33 per barrel.

The pullback by oil prices helped ease recent inflation concerns, although the Federal Reserve is still widely expected to leave interest rates unchanged when it meets in the coming days.

In U.S. economic news, the Federal Reserve said that industrial production in the U.S. increased slightly more than expected in February.