Malaysia Bourse Poised To Snap Losing Streak

The Malaysia stock market has finished lower in back-to-back trading days, sliding more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,570-point plateau although it may find traction on Tuesday.

The global forecast for the Asian markets is cautiously optimistic on hopes for stimulus in the United States, although tech shares are expected to see further profit taking. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Monday as losses from the entertainment stocks were offset by support from the financial shares and properties.

For the day, the index fell 6.48 points or 0.41 percent to finish at 1,571.66 after trading between 1,558.07 and 1,579.29. Volume was 19.6 billion shares worth 7.5 billion ringgit. There were 617 gainers and 538 decliners.

Among the actives, Hartalega Holdings plummeted 4.08 percent, while Sime Darby Plantations surged 3.56 percent, Top Glove plunged 3.34 percent, IHH Healthcare tanked 2.91 percent, IOI Corporation soared 1.35 percent, Genting tumbled 1.33 percent, Axiata spiked 1.27 percent, PPB Group skidded 0.94 percent, Digi.com accelerated 0.72 percent, Genting Malaysia retreated 0.45 percent, Kuala Lumpur Kepong gathered 0.35 percent, CIMB Group perked 0.29 percent, Dialog Group and Maybank both increased 0.27 percent, Petronas Gas and Public Bank both collected 0.24 percent, Malaysia Airports Holdings and Press Metal both sank 0.20 percent, Petronas Chemicals lost 0.17 percent, MISC fell 0.13 percent and Hong Leong Financial, Sime Darby, Maxis, Tenaga Nasional and AMMB Holdings all were unchanged.

The lead from Wall Street suggests mild upside as stocks moved mostly higher on Monday, although the tech-heavy NASDAQ ended in the red.

The Dow jumped 357.94 points or 1.30 percent to finish at 27,791.44, while the NASDAQ slid 42.64 points or 0.39 percent to end at 10,968.36 and the S&P 500 rose 9.19 points or 0.27 percent to close at 3,360.47.

The strength on Wall Street came after President Donald Trump signed executive orders aimed at extending coronavirus relief to Americans after lawmakers failed to reach an agreement on a new coronavirus relief package.

Concerns about rising tensions between the U.S. and China also helped to keep buying interest somewhat subdued on the day.

Crude oil prices climbed higher Monday as optimism about energy demand rose after solid factory data from China and hopes for virus-related stimulus in the U.S. West Texas Intermediate Crude oil futures for September ended up $0.72 or 1.7 percent at $41.94 a barrel.