Malaysia Stock Market May Crack 1,600-Point Level

(RTTNews) - The Malaysia stock market bounced higher again on Monday, one session after halting the two-day winning streak in which it had picked up more than 3 points or 0.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,595-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the way higher. The European markets were flat and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KLCI finished slightly higher on Monday following gains from the financial shares and mixed performances from the plantations and telecoms.

For the day, the index rose 4.79 points or 0.30 percent to finish at 1,596.20 after trading between 1,592.57 and 1,601.90.

Among the actives, Axiata surged 2.14 percent, while Celcomdigi was up 0.28 percent, Genting spiked 1.67 percent, Genting Malaysia added 0.94 percent, IOI Corporation climbed 1.06 percent, Kuala Lumpur Kepong dropped 0.93 percent, Maxis gathered 0.56 percent, Maybank jumped 1.20 percent, MISC increased 0.41 percent, MRDIY stumbled 1.10 percent, Nestle Malaysia rose 0.82 percent, Petronas Chemicals strengthened 1.08 percent, Petronas Gas fell 0.23 percent, PPB Group lost 0.33 percent, Press Metal slumped 0.85 percent, Public Bank rallied 1.35 percent, QL Resources shed 0.63 percent, RHB Bank and Petronas Dagangan both advanced 0.95 percent, Sime Darby soared 1.76 percent, SD Guthrie gained 0.83 percent, Telekom Malaysia tumbled 1.34 percent, Tenaga Nasional improved 0.43 percent, YTL Power sank 0.72 percent and CIMB Group, YTL Corporation, Sunway and IHH Healthcare were unchanged.

The lead from Wall Street positive as the major averages opened flat on Monday but all eventually tracked higher and ended in the green.

The Dow added 66.69 points or 0.16 percent to finish at 42,906.95, while the NASDAQ spiked 192.29 points or 0.98 percent to close at 19,764.88 and the S&P 600 gained 43.22 points or 0.73 percent to end at 5,974.07.

The advance by the tech-heavy NASDAQ came amid a rally by semiconductor stocks, while significant strength was also visible among computer hardware stocks.

Overall trading activity was subdued, however, as traders seemed reluctant to make more significant moves amid what is likely to be a quiet week due to the Christmas Day holiday on Wednesday.

In economic news, the Commerce Department said new orders for U.S. manufactured durable goods slumped more than expected in November. Also, the Conference Board noted an unexpected deterioration by consumer confidence in December.

Oil futures settled lower Monday amid concerns about possible excess supply in the market, while a stronger dollar also weighed on oil prices. West Texas Intermediate Crude oil futures for February dipped $0.26 or 0.3 percent at $69.20 a barrel.