Malaysia Shares May Tick Higher On Tuesday

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had slumped more than 20 points or 1.1 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,690-point plateau although it may see a mild rebound on Tuesday.

The global forecast for the Asian markets is mixed to higher, with bargain hunting likely offset by oil prices and war concerns. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished sharply lower on Monday following losses from the financials, industrials and telecoms, while the plantations were up.

For the day, the index dropped 24.75 points or 1.45 percent to finish at 1,687.90 after trading between 1,682.79 and 1,702.38. Among the actives, 99 Speed Mart Retail slumped 2.30 percent, while AMMB Holdings dropped 2.09 percent, Axiata surrendered 3.98 percent, Celcomdigi tumbled 3.62 percent, CIMB Group and Maxis both contracted 2.86 percent, Gamuda plunged 6.02 percent, IHH Healthcare shed 1.66 percent, IOI Corporation jumped 1.92 percent, Kuala Lumpur Kepong surged 6.76 percent, Maybank skidded 2.27 percent, MISC slid 0.48 percent, MRDIY lost 1.24 percent, Nestle Malaysia eased 0.06 percent, Petronas Chemicals spiked 5.69 percent, Petronas Dagangan advanced 0.73 percent, Petronas Gas fell 1.09 percent, PPB Group climbed 1.39 percent, Press Metal soared 6.31 percent, Public Bank declined 2.92 percent, QL Resources plummeted 11.81 percent, RHB Bank sank 2.01 percent, Sime Darby crashed 4.31 percent, SD Guthrie rallied 4.90 percent, Sunway cratered 4.94 percent, Telekom Malaysia stumbled 3.95 percent, Tenaga Nasional added 0.43 percent, YTL Corporation retreated 3.59 percent and YTL Power slipped 1.02 percent.

The lead from Wall Street offers little clarity as the major averages opened higher on Monday but faded as the day progressed and ended mixed.

The Dow added 49.50 points or 0.11 percent to finish at 45,216.14, while the NASDAQ slumped 153.72 points or 0.73 percent to end at 20,794.64 and the S&P 500 sank 25.13 points or 0.39 percent to close at 6,343.72.

Bargain hunting contributed to the initial strength on Wall Street, as some traders looked to pick up stocks at reduced levels following recent weakness.

Optimistic comments from President Donald Trump about the war in the Middle East also generated some early buying interest - but that optimism was short-lived after Trump threatened Iran with obliteration.

Buying interest waned over the course of the session, however, as the price of crude oil saw further upside amid ongoing concerns about the impact of the Middle East war.

Crude oil prices catapulted on Monday as the gulf region remains enveloped in war tension after the U.S. sends more soldiers to the area as Trump warned Iran to open the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $3.05 or 3.06 percent at $102.69 per barrel.