Win Streak May Continue For Malaysia Shares

(RTTNews) - The Malaysia stock market has tracked higher in four straight sessions, advancing almost 35 points or 2.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,495-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat on bargain hunting and falling bond yields. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly higher again on Monday following gains from the power companies, financial shares and plantations, while the telecoms were mixed.

For the day, the index advanced 8.09 points or 0.54 percent to finish at 1,495.70 after trading between 1,488.60 and 1,498.52.

Among the actives, Axiata sank 0.78 percent, while Celcomdigi lost 0.48 percent, CIMB Group advanced 0.50 percent, Genting surged 3.81 percent, Genting Malaysia soared 2.50 percent, IHH Healthcare climbed 0.67 percent, IOI Corporation gathered 0.25 percent, Kuala Lumpur Kepong accelerated 1.36 percent, Maxis shed 0.52 percent, MISC fell 0.41 percent, MRDIY retreated 1.34 percent, Petronas Chemicals rose 0.28 percent, PPB Group rallied 0.97 percent, Press Metal strengthened 0.82 percent, Public Bank collected 0.69 percent, RHB Capital perked 0.18 percent, Sime Darby spiked 2.14 percent, Sime Darby Plantations added 0.46 percent, Telekom Malaysia slid 0.35 percent, Tenaga Nasional gained 0.38 percent, YTL Corporation jumped 1.35 percent, YTL Power skyrocketed 6.83 percent and Maybank was unchanged.

The lead from Wall Street is firm as the major averages opened mixed on Monday but trended steadily upward as the day progressed and finished solidly in the green.

The Dow climbed 216.90 points or 0.58 percent to finish at 37,683.01, while the NASDAQ surged 319.70 points or 2.20 percent to end at 14,843.77 and the S&P 500 rallied 66.30 points or 1.41 percent to close at 4,763.54.

A drop in bond yields, and optimism about the outlook for stocks despite recent uncertainty about the likelihood of near-term interest rate cuts helped push stock prices up.

The Dow was weighed down by Boeing shares, which fell 8 percent after the Federal Aviation Administration ordered airlines to ground dozens of the company's 737 Max 9 aircraft after a door plug blew out in the middle of an Alaska Airlines flight on Friday.

Oil prices fell sharply on Monday as Saudi Arabia's decision to cut prices offset concerns about an escalation in the Middle East conflict. West Texas Intermediate Crude futures for February ended down $3.04 or 4.4 percent at $70.77 a barrel.