The Malaysia stock market has moved higher in four straight sessions, advancing more than 50 points or 2.7 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,830-point plateau and it's expected to hold steady at that level on Tuesday.
The global forecast for the Asian markets is mixed as many of the regional bourses are overbought and overdue for profit taking although the oil and technology stocks are expected to provide continued support. The European and U.S. markets were mixed but little changed and the Asian markets figure to follow that lead.
The KLCI finished modestly higher on Monday following gains from the financial shares, plantation stocks and industrial issues.
For the day, the index collected 14.18 points or 0.78 percent to finish at the daily high of 1,832.15 after moving as low as 1,813.03. Volume was 6.96 billion shares worth 4.6 billion ringgit. There were 853 gainers and 312 decliners.
Among the actives, Petronas Gas surged 4.58 percent, while YTL Corporation soared 2.90 percent, Telekom Malaysia spiked 2.66 percent, Astro Malaysia Holdings advanced 2.21 percent, Tenaga Nasional jumped 1.82 percent, CIMB Group climbed 1.79 percent, Genting tumbled 1.25 percent, IOI Corporation added 0.87 percent, Sime Darby gained 0.72 percent, Maybank collected 0.51 percent, Genting Malaysia lost 0.34 percent, Public Bank and RHB Capital both picked up 0.19 percent, Axiata eased 0.18 percent and Maxis and Petronas Chemicals were unchanged.
The lead from Wall Street is inconclusive as stocks turned in a lackluster performance on Monday, lingering near the unchanged line before closing mixed.
The Dow shed 12.87 points or 0.05 percent to 25,283.00, while the NASDAQ climbed 20.83 points or 0.29 percent to 7,157.39 and the S&P 500 rose 4.56 points or 0.17 percent to 2,747.71.
The choppy trading came as traders expressed uncertainty about the near-term outlook for the markets after the recent run to record highs. A lack of economic data also kept traders on the sidelines, while earnings season is also about to begin.
Oil service stocks showed a significant move to the upside, driving the Philadelphia Oil Service Index up by 1.9 percent. The strength came amid an increase by the price of crude oil, with crude for February delivery rising $0.29 to $61.73 a barrel.
by RTT Staff Writer
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