The Malaysia stock market has finished lower in two straight sessions, sinking almost 20 points or 1.2 percent along the way. The Kuala Composite Index now rests just above the 1,590-point plateau although it may see support on Tuesday.
The global forecast for the Asian markets is mixed to higher, with bargain hunting and support from crude oil prices capped by a renewed spike in coronavirus cases in Asia. 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 following losses from the love makers and telecoms, while the financials and plantations were mixed.
For the day, the index lost 10.92 points or 0.68 percent to finish at 1,590.73 after trading between 1,588.89 and 1,602.09. Volume was 6.681 billion shares worth 4.257 billion ringgit. There were 912 decliners and 301 gainers.
Among the actives, Axiata tumbled 2.33 percent, while CIMB Group was down 0.24 percent, Dialog Group dipped 0.33 percent, Genting surrendered 0.60 percent, Genting Malaysia retreated 1.04 percent, Hartalega Holdings plunged 2.92 percent, IHH Healthcare skidded 2.23 percent, IOI Corporation sank 0.49 percent, Kuala Lumpur Kepong added 0.64 percent, Maybank collected 0.49 percent, Maxis declined 0.87 percent, MISC weakened 0.29 percent, Petronas Chemicals slid 0.37 percent, Public Bank dropped 0.48 percent, RHB Capital and Press Metal both fell 0.19 percent, Sime Darby shed 0.44 percent, Sime Darby Plantations lost 0.41 percent, Supermax tanked 2.49 percent, Telekom Malaysia eased 0.18 percent, Tenaga Nasional slipped 0.30 percent, Top Glove plummeted 3.01 percent and Digi.com and PPB Group were unchanged.
The lead from Wall Street is mixed as stocks opened higher on Monday, although the NASDAQ soon fell into negative territory and could not recover.
The Dow climbed 238.38 points or 0.70 percent to finish at 34,113.23, while the NASDAQ shed 67.56 points or 0.48 percent to end at 13,895.12 and the S&P 500 advanced 11.49 points or 0.27 percent to close at 4,192.66.
Reopening plans sparked notable strength on the day after New York Governor Andrew Cuomo announced capacity limits for most businesses in New York, New Jersey and Connecticut will be lifted beginning May 19.
Traders remain optimistic about the economic outlook, but analysts have raised some concerns about valuations and a potential correction.
In economic news, the Institute for Supply Management reported an unexpected slowdown in the pace of growth in U.S. manufacturing activity in April.
Crude oil futures closed higher on Monday amid hopes energy demand will increase in the U.S. following the reopening of businesses ahead of the summer, while a weak dollar also contributed to oil’s advance. West Texas Intermediate Crude oil futures for June ended up by $0.91 or 1.4 percent at $64.49 a barrel.
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