Additional Support Anticipated For Malaysia Stock Market

(RTTNews) – The Malaysia stock market has climbed higher in back-to-back trading days, collecting more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,510-point plateau and it may extend its gains on Tuesday. The global forecast for the Asian […]

(RTTNews) – The Malaysia stock market has climbed higher in back-to-back trading days, collecting more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,510-point plateau and it may extend its gains on Tuesday.

The global forecast for the Asian markets is upbeat as Donald Trump’s release from the hospital cuts into the uncertainty surrounding the U.S. political scene. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The KLCI finished modestly higher on Monday following gains from the financial shares, plantations and rubber glove makers.

For the day, the index advanced 12.13 points or 0.81 percent to finish at 1,512.43 after trading between 1,498.81 and 1,513.37. Volume was 6.344 billion shares worth 4.593 billion ringgit. There were 727 gainers and 344 decliners.

Among the actives, Petronas Chemicals skyrocketed 5.36 percent, while Sime Darby Plantations surged 3.52 percent, Malaysia Airports Holdings plunged 2.55 percent, Sime Darby plummeted 2.54 percent, IOI Corporation soared 2.27 percent, Axiata spiked 2.08 percent, Top Glove accelerated 1.83 percent, IHH Healthcare jumped 1.80 percent, Genting Malaysia climbed 1.46 percent, AMMB Holdings sank 1.00 percent, Dialog Group dropped 0.52 percent, Maxis shed 0.41 percent, Press Metal advanced 0.40 percent, Tenaga Nasional added 0.39 percent, Public Bank collected 0.38 percent, Hartalega Holdings gained 0.34 percent, MISC lost 0.28 percent, Digi.com gained 0.25 percent, Maybank rose 0.14 percent, PPB Group was up 0.11 percent and RHB Capital, CIMB Group, Kuala Lumpur Kepong and Hong Leong Bank were unchanged.

The lead from Wall Street is firm as stocks moved sharply higher on Monday, offsetting the weakness in the previous session and sending the major averages to their best closing levels in a month.

The Dow jumped 465.83 points or 1.68 percent to finish at 28,148.64, while the NASDAQ surged 257.47 points or 2.32 percent to end at 11,332.49 and the S&P 500 spiked 60.19 points or 1.80 percent to close at 3,408.63.

The rally on Wall Street came on positive reports about Trump’s health after he was rushed to Walter Reed hospital on Friday; he was released from the hospital late Monday.

In economic news, the Institute for Supply Management said activity in the U.S. service sector unexpectedly grew at a faster rate in September.

Crude oil prices moved higher on Monday on optimism about a new U.S. coronavirus relief package, as well as an escalation in a workers strike in Norway. West Texas Intermediate Crude oil futures for November ended up $2.17 or 5.9 percent at $39.22 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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