Gamestop Stock – Malaysia Bourse Poised To Extend Monday’s Losses
(RTTNews) – The Malaysia stock market on Monday wrote a finish to the three-day winning streak in which it had gathered more than 10 points or 0.6 percent. The Kuala Composite Index now rests just above the 1,600-point plateau and it may take further damage on Tuesday.
The global forecast for the Asian markets suggest consolidation, with investors expected to use a lack of catalysts as a reason to lock in gains following recent strength. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The KLCI finished modestly lower on Monday following losses from the financial shares and telecoms, while the plantations and glove makers were mixed.
For the day, the index shed 8.09 points or 0.50 percent to finish at 1,600.29 after trading between 1,596.05 and 1,608.62. Volume was 7.468 billion shares worth 4.102 billion ringgit. There were 739 decliners and 397 gainers.
Among the actives, Axiata slid 0.26 percent, while CIMB Group and Kuala Lumpur Kepong both skidded 1.17 percent, Digi.com sank 0.71 percent, Genting plunged 2.46 percent, Genting Malaysia plummeted 2.74 percent, Hartalega Holdings retreated 0.79 percent, IHH Healthcare and Press Metal both fell 0.37 percent, IOI Corporation surrendered 0.74 percent, Maxis advanced 0.43 percent, MISC tanked 2.05 percent, Petronas Chemicals lost 0.38 percent, PPB Group shed 0.43 percent, Public Bank dipped 0.24 percent, RHB Capital declined 0.75 percent, Sime Darby rallied 0.85 percent, Sime Darby Plantations climbed 0.45 percent, Supermax soared 2.45 percent, Telekom Malaysia spiked 1.02 percent, Tenaga Nasional dropped 0.60 percent, Top Glove tumbled 1.97 percent and Dialog Group, Maybank and Petronas Gas were unchanged.
The lead from Wall Street is negative as stocks opened in the red and stayed there throughout the session, pulling back from recent highs.
The Dow shed 123.04 points or 0.36 percent to finish at 34,077.63, while the NASDAQ dropped 137.58 points or 0.98 percent to end at 13,914.77 and the S&P 500 sank 22.21 points or 0.53 percent to close at 4,163.26.
The lower open on Wall Street was profit taking in reaction to some of the markets hitting fresh record closing highs last week.
Mixed earnings news didn’t give investors a reason to start buying, so the markets saw little movement after their slow start.
Crude oil futures ended higher Monday as prices moved higher amid expectations of a drop in global crude supply. West Texas Intermediate Crude oil futures for May ended higher by $0.25 or 0.4 percent at $63.38 a barrel.
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