Win Streak May Continue For Malaysia Bourse

(RTTNews) - The Malaysia stock market has tracked higher in three straight sessions, collecting more than 25 points or 1.5 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,685-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil stocks. 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 financial shares, weakness from the telecoms and a mixed picture from the plantations. For the day, the index rose 4.48 points or 0.27 percent to finish at 1,683.53 after trading between 1,678.37 and 1,685.49. Among the actives, 99 Speed Mart Retail tumbled 2.43 percent, while AMMB Holdings added 0.31 percent, Celcomdigi and Petronas Chemicals both slumped 0.69 percent, CIMB Group perked 0.13 percent, IHH Healthcare spiked 2.21 percent, IOI Properties jumped 1.85 percent, Kuala Lumpur Kepong shed 0.65 percent, Maxis fell 0.58 percent, Maybank expanded 1.30 percent, MISC vaulted 1.42 percent, MRDIY lost 0.60 percent, Nestle Malaysia slipped 0.48 percent, Petronas Dagangan strengthened 1.45 percent, PPB Group slid 0.42 percent, Press Metal stumbled 1.94 percent, Public Bank collected 0.41 percent, SD Guthrie rallied 1.82 percent, Sunway climbed 1.19 percent, Telekom Malaysia dipped 0.26 percent, Tenaga Nasional rose 0.14 percent, YTL Corporation declined 1.44 percent, YTL Power retreated 1.59 percent and RHB Bank, Petronas Gas, IOI Corporation, Gamuda, Sunway Healthcare and Axiata were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Monday and largely spent most of the day in the green, ending near daily highs.

The Dow climbed 155.84 points or 0.29 percent to finish at a record 53,055.91, while the NASDAQ jumped 288.49 points or 1.12 percent to close at 26,121.16 and the S&P 500 gained 54.19 points or 0.72 percent to end at 7,537.43.

The upward move on Wall Street came amid strength among technology stocks, with computer hardware stocks turning in some of the best performances as the NYSE Arca Computer Hardware Index shot up by 3.4 percent.

Substantial strength was also visible among networking and semiconductor stocks, with the NYSE Arca Networking Index and the Philadelphia Semiconductor Index surging by 2.8 percent and 2.2 percent, respectively.

In U.S. economic news, the Institute for Supply Management said growth in U.S. service sector activity slowed slightly in June, although it was in line with expectations.

Crude oil prices ticked lower on Monday as oil tanker traffic across the Strait of Hormuz increased gradually, while the Organization of Petroleum Exporting Countries (OPEC) agreed to increase output. West Texas Intermediate crude for August delivery was down $0.15 or 0.22 percent at $68.54 per barrel.