(RTTNews) - The Malaysian stock market has finished lower now in three straight sessions, giving away more than 30 points or 2.7 percent on its way to a fresh three-month closing low. The Kuala Lumpur Composite Index fell through support at 1,240 points, and now analysts are anticipating continued selling at the opening of trade on Tuesday.

The global forecast for the Asian markets calls for more selling pressure - particularly among the financials, technology stocks and properties. The falling price of gold may drag down the resource stocks, as well. The European markets finished mixed and the U.S. bourses ended lower, and now the Asian markets are also expected to trend to the downside.

The KLCI finished sharply lower on Monday, thanks to heavy losses among the financial stocks - while the industrials and the plantations finished with more modest declines.

For the day, the index dropped 12.68 points or 1.02 percent to finish at 1,235.22 after trading between 1,234.59 and 1,247.88. Volume was 769.125 million shares worth 1.316 billion ringgit. There were 608 decliners and 119 gainers, with 214 stocks finishing unchanged.

Among the decliners, Sime Darby, Maybank, CIMB Group, Maxis, KNM Group, Malaysian Res Corp and Talam all finished lower.

The lead from Wall Street is broadly negative as stocks ended Monday's trading mostly lower after showing a lack of direction throughout much of the trading day. The major averages all closed firmly in negative territory, extending the downward move seen over the course of the previous four weeks.

The weakness that emerged among stocks came as traders continue to express uncertainty about the global economic outlook, particularly due to recent worries about European credit conditions.

Traders remained on the sidelines for most of the day amid a lack of significant economic news as well as a light day on the earnings front. With the earnings season winding down, Hasbro (HAS) and CVS Caremark (CVS) were among the few well known companies that reported their quarterly results.

Shares of Hasbro (HAS) closed up by 12.7 percent after the toy maker reported fourth quarter net earnings that surged up 77 percent to $165.56 million or $1.09 per share from $93.58 million or $0.62 per share in the year-ago quarter. Analysts had expected the company to earn $0.81 per share.

Hasbro also reported net revenues for the quarter of $1.38 billion, up 12 percent from $1.23 billion in the same quarter last year. On average, analysts had estimated revenues of $1.34 billion.

Additionally, CVS Caremark reported fourth quarter net income that rose to $1.05 billion or $0.74 per share from $949 million or $0.65 per share in the same quarter last year. Excluding items, the company reported earnings of $0.79 per share, a penny above analyst estimates.

The drug store operator also said its net revenues increased to $25.82 billion from $24.14 billion in the fourth quarter of 2008. Analysts had a consensus revenue estimate of $26.22 billion for the quarter.

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