Losing Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, slumping more than 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,725-point plateau and it may take further damage again on Tuesday.

The global forecast for the Asian markets is soft on surging crude oil prices and increasing anxiety in the Middle East. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The KLCI finished barely lower on Monday following losses from the financial shares, gains from the telecoms and a mixed picture from the plantations and industrials.

For the day, the index eased 1.50 points or 0.09 percent to finish at 1,725.89 after trading between 1,722.16 and 1,731.45.

The lead from Wall Street is weak as the major averages opened mixed and flat but turned lower by midday, ending near session lows.

The Dow sank 272.63 points or 0.51 percent to finish at 53,459.78, while the NASDAQ lost 84.25 points or 0.32 percent to close at 26,644.91 and the S&P 500 fell 40.70 points or 0.52 percent to end at 7,745.06.

The weakness that emerged on Wall Street came as the price of crude oil moved sharply higher amid indications Iran has ruled out talks with the U.S. to extend a 60-day ceasefire that expired Monday.

Crude oil prices moved sharply higher on Monday, reflecting concerns about a re-escalation of the conflict in the Middle East. West Texas Intermediate crude for September delivery surged $2.28 or 2.8 percent to $84.68 a barrel.

Airline stocks moved sharply lower over the course of the session amid the surge in crude oil prices, while substantial weakness was also visible among software, telecom, computer hardware and housing stocks.