Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished higher in back-to-back sessions, gathering more than 20 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,475-point plateau and it's expected to extend its gains on Tuesday. The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets finished firmly higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely higher on Monday as gains from the telecoms were offset by weakness from the plantations and a mixed picture from the financial sector.

For the day, the index rose 0.58 points or 0.04 percent to finish at the daily high of 1,475.17 after moving as low as 1,469.26. Among the actives, Axiata soared 1.36 percent, while CIMB Group spiked 1.30 percent, Digi.com advanced 0.73 percent, Genting shed 0.59 percent, Genting Malaysia slumped 1.04 percent, INARI retreated 1.15 percent, IOI Corporation declined 1.31 percent, Kuala Lumpur Kepong dropped 0.91 percent, Maybank collected 0.23 percent, Maxis added 0.25 percent, MISC improved 0.41 percent, MRDIY plummeted 2.75 percent, Petronas Chemicals plunged 2.06 percent, PPB Group perked 0.23 percent, Press Metal tumbled 1.34 percent, Public Bank fell 0.24 percent, RHB Capital rose 0.18 percent, Sime Darby sank 0.85 percent, Sime Darby Plantations skidded 0.92 percent, Telekom Malaysia jumped 0.98 percent, Tenaga Nasional surged 1.43 percent and Dialog Group and IHH Healthcare were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and accelerated as the day progressed, ending near session highs. The Dow jumped 376.66 points or 1.11 percent to finish at 34,245.93, while the NASDAQ spiked 173.67 points or 1.48 percent and the S&P 500 rallied 46.83 points or 1.14 percent to end at 4,137.29.

The strength on Wall Street came as some traders looked to pick up stocks at reduced levels after last week's weakness, which reflected ongoing concerns about the outlook for interest rates.

Trading remained subdued, however, as traders look ahead to Tuesday's closely watched report on consumer price inflation. The inflation data could have a significant impact on the outlook for interest rates amid recent speculation the Federal Reserve may raise rates higher than anticipated.

Crude oil prices slumped on Monday afternoon, unable to held early gains. West Texas Intermediate was down $0.43 or 0.54 percent to $79.29 per barrel, coming off a high of $80.62 earlier in the day.