Malaysia Stock Market Tipped To Extend Winning Streak

(RTTNews) - The Malaysia stock market has tracked higher in consecutive trading days, gathering more than 20 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,440-point plateau and it may add to its winnings on Tuesday. The global forecast for the Asian markets is upbeat thanks to receding treasury levels and an improved 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 telecoms and mixed performances from the financials, plantations and glove makers.

For the day, the index picked up 3.84 points or 0.27 percent to finish at 1,442.12 after trading between 1,435.39 and 1,442.66. Volume was 2.796 billion shares worth 1.650 billion ringgit. There were 441 gainers and 438 decliners. Among the actives, Axiata jumped 1.78 percent, while CIMB Group lost 0.37 percent, Digi.com accelerated 2.11 percent, Genting rallied 1.13 percent, Genting Malaysia strengthened 1.11 percent, Hartalega Holdings declined 1.99 percent, IHH Healthcare slumped 0.66 percent, INARI tumbled 2.73 percent, IOI Corporation fell 0.25 percent, Kuala Lumpur Kepong improved 0.38 percent, Maybank collected 0.36 percent, Maxis spiked 2.64 percent, MISC added 0.69 percent, MRDIY retreated 1.98 percent, Petronas Chemicals and Tenaga Nasional both gained 0.47 percent, PPB Group soared 2.84 percent, Press Metal perked 0.23 percent, Public Bank eased 0.23 percent, RHB Capital climbed 0.92 percent, Sime Darby advanced 0.91 percent, Top Glove surged 3.27 percent and Hong Leong Financial, Sime Darby Plantations, Dialog Group, Telekom Malaysia, Nestle and Hong Leong Bank were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and mostly remained in the green throughout the day, finishing near session highs.

The Dow surged 423.78 points or 1.31 percent to finish at 32,827.00, while the NASDAQ advanced 89.26 points or 0.85 percent to close at 10,564.52 and the S&P 500 gained 36.25 points or 0.96 percent to end at 3,806.80.

The broader markets benefited from late-day buying for the second straight session, with below average volume potentially exaggerating the upward move.

Earlier in the day, traders seemed reluctant to make significant moves ahead of the U.S. midterm elections later today and the release of consumer price inflation data on Thursday.

The midterm elections will determine whether Democrats maintain control of Congress, while the inflation data could affect the outlook for interest rates.

Crude oil prices saw considerable volatility on Monday amid uncertainty about the outlook for Chinese energy demand due to conflicting reports about the country's COVID-19 policies. After spiking earlier, West Texas Intermediate finished lower by $0.82 or 0.9 percent at $91.79 a barrel.