Malaysia Bourse May Extend Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in back-to-back sessions, sinking almost 20 points or 1.2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,675-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is negative as hostilities in the Middle East tick higher. The European and U.S. markets were mostly in the red and the Asin bourses are likely to follow that lead.

The KLCI finished slightly lower on Tuesday as losses from the financial shares and telecoms were mitigated by support from the plantations.

For the day, the index slipped 4.02 points or 0.24 percent to finish at 1,675.50 after trading between 1,675.04 and 1,687.93. Among the actives, AMMB Holdings and Gamuda both gained 0.47 percent, while Axiata retreated 1.54 percent, Celcomdigi declined 1.44 percent, CIMB Group fell 0.27 percent, IHH Healthcare climbed 1.16 percent, IOI Corporation added 0.48 percent, Kuala Lumpur Kepong rose 0.20 percent, Maxis contracted 1.22 percent, Maybank dropped 0.75 percent, MISC perked 0.12 percent, MRDIY jumped 1.28 percent, Nestle Malaysia rallied 2.65 percent, Petronas Chemicals stumbled 1.62 percent, Petronas Gas slumped 1.03 percent, PPB Group sank 0.52 percent, Press Metal improved 0.67 percent, Public Bank dipped 0.21 percent, Sime Darby advanced 0.99 percent, Sunway tumbled 2.29 percent, Telekom Malaysia skidded 0.81 percent, Tenaga Nasional lost 0.42 percent, YTL Corporation increased 0.50 percent, YTL Power shed 0.49 percent and SD Guthrie, RHB Bank, 99 Speed Mart Retail, Sunway Healthcare and Petronas Dagangan were unchanged.

The lead from Wall Street is weak as the major averages opened higher but quickly tailed off into the red, although the Dow managed to creep back above water by the end of the day.

The Dow added 86.10 points or 0.17 percent to finish at 50,872.11, while the NASDAQ slumped 250.84 points or 0.97 percent to end at 25,678.82 and the S&P 500 slipped 19.08 points or 0.26 percent to end at 7,386.65.

The notable pullback by the NASDAQ came amid renewed weakness among tech stocks, which had regained some ground on Monday following last Friday's sell-off.

Semiconductor stocks helped lead the sector lower before rebounding, with the Philadelphia Semiconductor Index tumbling by 1.9 percent, while computer hardware, networking and software stocks also moved significantly lower.

In economic news, the National Association of Realtors released a report showing existing home sales in the U.S. spiked by much more than anticipated in the month of May.

Crude oil prices plunged on Tuesday after Israel and Iran halted their exchange of attacks. West Texas Intermediate crude for July delivery was down $3.11 or 3.41 percent at $88.19 per barrel.

However, sentiment took a hit after the markets closed as the U.S. launched a fresh attack on Iran in response to the loss of a helicopter over the Strait of Hormuz.