Malaysia Stock Market May Extend Winning Streak

(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, picking up almost 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,445-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat, with bargain hunting expected ahead of key inflation data later in the week. The European markets were mixed and flat and the U.S. bourses were solidly higher and the Asian markets figure to follow the latter lead.

The KLCI finished barely higher on Monday as gains from the financials and plantations were offset by weakness from the telecoms.

For the day, the index perked 0.60 points or 0.04 percent to finish at 1,445.81 after trading between 1,442.13 and 1,449.38.

Among the actives, Celcomdigi sank 0.68 percent, while CIMB Group and RHB Capital both gained 0.36 percent, Dialog Group added 0.45 percent, IHH Healthcare retreated 1.33 percent, IOI Corporation and Maxis both rose 0.25 percent, Kuala Lumpur Kepong advanced 0.60 percent, Maybank collected 0.22 percent, MRDIY tumbled 2.14 percent, PPB Group and Hong Leong Financial both rallied 0.97 percent, Public Bank and Petronas Gas both perked 0.24 percent, Telekom Malaysia fell 0.39 percent, Tenaga Nasional lost 0.42 percent, Westports Holdings improved 0.57 percent and Petronas Chemicals, Petronas Dagangan, Genting, Genting Malaysia, Sime Darby, Sime Darby Plantations, Axiata, MISC and Press Metal all were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Monday and largely stayed that way, finishing firmly in the green.

The Dow jumped 407.51 points or 1.16 percent to finish at 35,473.13, while the NASDAQ climbed 85.16 points or 0.61 percent to close at 13,994.40 and the S&P 500 gained 40.41 points or 0.90 percent to end at 4,518.44.

The strength that emerged on Wall Street came as investors indulged in some bargain hunting after last week's losses.

The upside was measured, however, ahead of crucial reports on consumer and producer price inflation later in the week, which could affect the Federal Reserve's plan for interest rates.

Most economists expect another pause in interest rate hikes by the Fed next month, although the data has led to some uncertainty about the outlook for rates beyond that.

Oil futures settled lower on Monday, coming off the four-month highs they touched last week. The dollar's strength ahead of inflation data weighed on oil prices. West Texas Intermediate Crude oil futures for September shed $0.88 or 1.1 percent at $81.94 a barrel.

Closer to home, Malaysia will provide Juen data for industrial production later today, with analysts expected a decline of 1.0 percent on year following the 4.7 percent increase in May.