(RTTNews) – The Malaysia stock market on Monday wrote a finish to the two-day losing streak in which it had fallen more than 25 points or 1.6 percent. The Kuala Lumpur Composite Index now rests just above the 1,570-point plateau although it’s likely to see renewed consolidation on Tuesday.
The global forecast for the Asian markets is negative as soft data stoked fears for the health of the world economy. The European and U.S. markets were down and the Asian bourses are predicted to open in similar fashion.
The KLCI finished modestly higher on Monday following gains from the plantations and mixed performances from the financials and telecoms.
For the day, the index advanced 8.81 points or 0.56 percent to finish at the daily high of 1,570.55 after moving as low as 1,561.98. Volume was 2 billion shares worth 1.4 billion ringgit. There were 441 gainers and 376 decliners.
Among the actives, Digi.com surged 3.35 percent, while Sime Darby Plantations soared 2.81 percent, Genting Malaysia spiked 2.55 percent, Axiata accelerated 2.42 percent, Sime Darby jumped 2.22 percent, Kuala Lumpur Kepong climbed 1.71 percent, Hartalega Holdings tumbled 1.52 percent, Dialog Group advanced 1.49 percent, Genting added 1.37 percent, AMMB Holdings shed 1.25 percent, IOI Corporation gained 0.92 percent, MISC rose 0.61 percent, Tenaga Nasional lost 0.61 percent, Petronas Chemicals increased 0.57 percent, IHH Healthcare was up 0.56 percent, Public Bank fell 0.31 percent, Maybank slid 0.23 percent, CIMB Group collected 0.19 percent and Press Metal was unchanged.
The lead from Wall Street is soft as stocks showed a notable move to the downside on Monday, extending losses from the previous session and pulling back further from the record highs set last Wednesday.
The Dow shed 268.37 points or 0.96 percent to 27,783.04, while the NASDAQ lost 97.48 points or 1.12 percent to 8,567.99 and the S&P 500 fell 27.11 points or 0.86 percent to 3,113.87.
The continued weakness on Wall Street followed a report from the Institute for Supply Management noting continued contraction in U.S. manufacturing activity in November. A separate report from the Commerce Department showed an unexpected decrease in U.S. construction spending in October.
Traders also reacted to President Donald Trump announcing plans to reinstate tariffs on metal imports from Brazil and Argentina.
The price of crude oil regained some ground during on Monday following Friday’s substantial decline. Crude oil for February delivery climbed $0.79 or 1.4 percent to $55.96 a barrel after plummeting $2.94 or 5.1 percent to $55.17 a barrel in the previous session.
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