Malaysia Stock Market Tipped To Open To The Upside On Tuesday

(RTTNews) - The Malaysia stock market has tracked higher in three straight sessions, gathering almost 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,530-point plateau and it may extend its gains again on Tuesday.

The global forecast for the Asian markets is mixed to higher on trade deal optimism. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KLCI finished modestly higher on Monday following gains from the telecoms, weakness from the financials and a mixed picture from the plantations.

For the day, the index rose 4.80 points or 0.31 percent to finish at 1,532.96 after trading between 1,526.30 and 1,538.10.

Among the actives, 99 Speed Mart Retail slumped 1.42 percent, while Axiata surged 4.05 percent, Celcomdigi gained 0.77 percent, CIMB Group was down 0.15 percent, Gamuda spiked 3.01 percent, Hong Leong Bank sank 0.91 percent, IHH Healthcare jumped 1.49 percent, IOI Corporation increased 0.81 percent, Kuala Lumpur Kepong stumbled 2.36 percent, Maxis dipped 0.28 percent, Maybank skidded 1.12 percent, MISC slid 0.39 percent, MRDIY fell 0.61 percent, Nestle Malaysia dropped 0.98 percent, Petronas Chemicals climbed 1.16 percent, Petronas Dagangan perked 0.09 percent, Petronas Gas shed 0.79 percent, PPB Group added 0.78 percent, Press Metal soared 3.39 percent, Public Bank lost 0.69 percent, QL Resources gathered 0.44 percent, RHB Bank eased 0.16 percent, SD Guthrie strengthened 1.31 percent, Sunway improved 1.08 percent, Telekom Malaysia rose 0.61 percent, Tenaga Nasional advanced 0.84 percent, YTL Corporation accelerated 2.20 percent, YTL Power rallied 2.05 percent and Sime Darby was unchanged.

The lead from Wall Street is positive as the major averages opened higher and remained in the green throughout the session, ending near daily highs.

The Dow jumped 275.50 points or 0.63 percent to finish at 44,094.77, while the NASDAQ climbed 96.28 points or 0.47 percent to close at 20,369.73 and the S&P 500 gained 31,88 points or 0.52 percent to end at 6,204.95.

The continued strength on Wall Street came amid ongoing optimism about trade deals ahead of the impending deadline for U.S. reciprocal tariffs early next month.

Positive sentiment was also generated in reaction to news Canada has rescinded its digital services tax on American tech firms, which were initially set to begin being collected on Monday.

Crude oil prices closed lower on Monday amid a backdrop of easing Middle Eastern tensions and concerns of excess supply as OPEC plans to scale up production. West Texas Intermediate crude for August delivery closed down by $0.41 to settle at $65.11 per barrel.