Malaysia Stock Market Tipped To Open In The Red

(RTTNews) - The Malaysia stock market headed south again on Monday, one session after ending the four-day losing streak in which it had retreated more than 35 points or 2.1 percent. The Kuala Lumpur Composite Index now rests just above the 1,550-point plateau and the losses may accelerate on Tuesday.

The global forecast for the Asian markets is negative, thanks to concerns over tariffs and how they affect the outlook for interest rates. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The KLCI finished slightly lower on Monday following losses from industrials and mixed performances from the telecoms and financials.

For the day, the index dipped 3.29 points or 0.21 percent to finish at 1,553.63 after trading between 1,546.68 and 1,556.74.

Among the actives, 99 Speed Mart Retail jumped 1.80 percent, while Axiata dropped 0.45 percent, Celcomdigi advanced 0.53 percent, CIMB Group lost 0.25 percent, Gamuda soared 2.48 percent, IHH Healthcare was up 0.14 percent, Maxis shed 0.29 percent, Maybank sank 0.39 percent, MISC rallied 1.24 percent, MRDIY retreated 1.79 percent, Nestle Malaysia fell 0.20 percent, Petronas Chemicals plummeted 5.16 percent, PPB Group stumbled 2.01 percent, Press Metal rose 0.20 percent, Public Bank collected 0.23 percent, QL Resources climbed 1.09 percent, RHB Bank dipped 0.16 percent, Sime Darby plunged 3.11 percent, Telekom Malaysia slumped 0.91 percent, Tenaga Nasional was down 0.15 percent, YTL Corporation tumbled 1.57 percent, YTL Power tanked 2.56 percent and IOI Corporation, Kuala Lumpur Kepong, SD Guthrie, Sunway and Petronas Gas were unchanged.

The lead from Wall Street is soft as the major averages opened under water again on Monday and largely stayed that way, although they climbed up off session lows.

The Dow dropped 122.75 points or 0.28 percent to finish at 44,421.91, while the NASDAQ stumbled 235.49 points or 1.20 percent to close at 19,391.96 and the S&P 500 sank 45.96 points or 0.76 percent to end at 5,994.57.

Stocks moved sharply lower in early trading amid concerns about a global trade war after President Donald Trump officially imposed a 25 percent tariff on imports from Canada and Mexico and a 10 percent tariff on imports from China. Trump also threatened possible tariffs against the United Kingdom and the European Union, marking a significant escalation.

Canada and Mexico ordered retaliatory tariffs on American goods, while China vowed countermeasures. The EU also warned of firm retaliation if targeted.

Investors fear that a trade war could hit the earnings of major companies and dent global growth. The tariffs could also lead to renewed inflation fears, leading the Federal Reserve to keep interest rates on hold for longer.

Oil futures settled higher on Monday after Trump's imposed tariffs on imports from Canada threatened to disrupt North America's tightly integrated oil market. West Texas Intermediate Crude oil futures for March settled at $73.16 a barrel, up $0.63 or about 0.87 percent.