(RTTNews) - The Malaysia stock market has moved lower in four straight sessions, sinking almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,450-point plateau although it's doe for support on Wednesday.
The global forecast for the Asian markets suggests mild upside on strength from technology shares and optimism over the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished slightly lower on Tuesday following losses from the financial shares and plantation stocks, while the telecoms were mixed.
For the day, the index dipped 3.60 points or 0.25 percent to finish at the daily low of 1,450.78 after peaking at 1,456.66.
Among the actives, Axiata rallied 1.24 percent, while Celcomdigi advanced 0.97 percent, CIMB Group lost 0.34 percent, Genting declined 0.65 percent, IHH Healthcare fell 0.33 percent, IOI Corporation dipped 0.25 percent, Kuala Lumpur Kepong eased 0.09 percent, Maxis slid 0.26 percent, MISC stumbled 0.68 percent, Petronas Chemicals dropped 0.42 percent, PPB Group plunged 1.22 percent, Press Metal slumped 0.62 percent, Public Bank weakened 0.24 percent, RHB Capital shed 0.37 percent, Sime Darby retreated 0.84 percent, Sime Darby Plantations skidded 0.52 percent, Telekom Malaysia and Petronas Dagangan both were down 0.18 percent, Tenaga Nasional rose 0.10 percent, YTL Corporation tumbled 1.05 percent, YTL Power International sank 0.40 percent and Genting Malaysia, Maybank, MRDIY and Petronas Gas were unchanged.
The lead from Wall Street upbeat as the major averages opened modestly higher on Tuesday and continued to tick higher as the day progressed.
The Dow climbed 159.36 points or 0.43 percent to finish at 37,545.33, while the NASDAQ added 81.60 points or 0.54 percent to close at 15,074.57 and the S&P 500 rose 20.12 points or 0.42 percent to end at 4,774.75.
A surge by shares of Intel (INTC) provided a boost to the markets following news the Israeli government will give the company a $3.2 billion grant toward the construction of a new $25 billion chip-making facility in southern Israel.
Stocks also continued to benefit from optimism about the outlook for interest rates following last week's tamer-than-expected consumer price inflation data.
On the heels of the data, CME Group's FedWatch Tool is indicating a 72.7 percent chance the Federal Reserve will cut rates by a quarter point in March.
Oil prices surged higher Tuesday amid escalating tensions in the Middle East and concerns over trade disruptions following attacks on ships. West Texas Intermediate Crude oil futures for February jumped $2.01 or 2.7 percent at $75.57 a barrel.
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