(RTTNews) – The Malaysia stock market on Monday ended the two-day slide in which it had fallen almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets continued to be mildly positive on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished slightly higher on Monday following gains from the financial shares, losses from the telecoms and a mixed picture from the plantation stocks.
For the day, the index rose 5.11 points or 0.32 percent to finish at 1,603.34 after trading between 1,596.46 and 1,604.31.
Among the actives, 99 Speed Mart Retail sank 0.76 percent, while AMMB Holdings jumped 1.26 percent, Axiata plunged 2.95 percent, Celcomdigi slumped 1.06 percent, CIMB Group strengthened 1.11 percent, Gamuda surged 3.08 percent, IHH Healthcare and Maybank both added 0.41 percent, IOI Corporation eased 0.26 percent, Kuala Lumpur Kepong lost 0.50 percent, Maxis was down 0.27 percent, MISC dropped 0.93 percent, MRDIY soared 1.91 percent, Nestle Malaysia spiked 1.88 percent, Petronas Chemicals increased 0.45 percent, Petronas Dagangan plummeted 3.04 percent, Petronas Gas retreated 1.08 percent, PPB Group slipped 0.39 percent, Press Metal shed 0.53 percent, Public Bank improved 0.71 percent, QL Resources tanked 2.05 percent, RHB Bank collected 0.61 percent, Sime Darby stumbled 2.33 percent, SD Guthrie advanced 0.95 percent, Sunway rallied 1.86 percent, Telekom Malaysia fell 0.42 percent, Tenaga Nasional rose 0.30 percent, YTL Corporation gained 0.37 percent and YTL Power climbed 0.96 percent.
The lead from Wall Street is mildly positive as the major averages opened in the red on Monday but quickly bounced higher and continued to trend that way throughout the session, ending near daily highs.
The Dow added 66.27 points or 0.14 percent to finish at 46,381.54, while the NASDAQ jumped 157.50 points or 0.70 percent to close at 22,788.98 and the S&P 500 gained 29.39 points or 0.44 percent to end at 6,693.75.
Profit taking contributed to the initial weakness on Wall Street, with some traders looking to cash in on the recent strength in the markets.
Selling pressure waned shortly after the start of trading, however, as traders remain optimistic about the outlook for the markets amid expectations of further interest rate cuts by the Federal Reserve.
After cutting rates by a quarter point last Wednesday, the Fed is widely expected to lower rates by another quarter at each of its next two meetings in October and December.
Crude oil was little changed on Monday amid lingering oversupply concerns after OPEC agreed earlier this month to boost production starting in October. West Texas Intermediate crude for October delivery was up $0.05 or 0.08 percent at $62.73 per barrel.
Closer to home, Malaysia will provide August data for consumer prices later today; in July, overall inflation was up 0.1 percent on month and 1.2 percent on year.
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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