Losing Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished lower in four straight sessions, slumping more than 35 points or 2.2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,670-point plateau and it's expected to open under water again on Thursday.

The global forecast for the Asian markets is negative on rising oil prices and continuing hostilities in the Middle East. The European and U.S. markets were down and the Asian markets figure to follow suit.

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

For the day, the index shed 10.33 points or 0.61 percent to finish at the daily low of 1,672.74 after peaking at 1,693.09. Among the actives, AMMB Holdings sank 0.62 percent, while Axiata skidded 1.00 percent, Celcomdigi plunged 5.90 percent, CIMB Group crashed 3.74 percent, Gamuda spiked 3.33 percent, Hong Leong Bank perked 0.38 percent, IHH Healthcare tumbled 2.77 percent, IOI Corporation advanced 1.50 percent, Kuala Lumpur Kepong cratered 4.04 percent, Maxis plummeted 7.36 percent, Maybank retreated 2.07 percent, MISC gained 0.61 percent, Nestle Malaysia jumped 2.77 percent, Petronas Chemicals surged 5.95 percent, Petronas Dagangan soared 4.85 percent, Petronas Gas shed 0.58 percent, PPB Group dropped 0.91 percent, Press Metal rallied 3.11 percent, Public Bank collected 0.64 percent, RHB Bank strengthened 2.31 percent, Sime Darby tanked 3.37 percent, SD Guthrie rose 0.52 percent, Sunway slumped 1.30 percent, Sunway Healthcare lost 0.56 percent, Telekom Malaysia added 0.95 percent, Tenaga Nasional declined 1.40 percent, YTL Corporation vaulted 2.44 percent, YTL Power fell 0.48 percent and 99 Speed Mart Retail and MRDIY were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Wednesday and tracked deeper into the red as the day progressed, ending near session lows.

The Dow rumbled 620.72 points or 1.21 percent to finish at 50,687.07, while the NASDAQ sank 239.92 points or 0.89 percent to end at 26,853.98 and the S&P 500 lost 56.10 points or 0.74 percent to close at 7,553.68.

The pullback on Wall Street came on uncertainty about the situation in the Middle East, as negotiations between the U.S and Iran continue to drag on.

U.S. Central Command said U.S. forces defeated multiple Iranian ballistic missiles and drones and conducted "self-defense" strikes on Qeshm Island in response to attempted attacks by Iran. But the ongoing military exchanges have contributed to a sharp increase by the price of crude oil.

Crude oil prices soared on Wednesday as fresh military strikes in the Middle East renew war concerns as the Strait of Hormuz remains blocked for oil and energy trade. West Texas Intermediate crude for July delivery was up $2.31 or 2.46 percent at $96.07 per barrel.

In U.S. economic news, the Institute for Supply Management released a report showing its reading on U.S. service sector activity increased by more than expected in the month of May.