(RTTNews) – The Malaysia stock market has finished higher in five straight sessions, advancing more than 45 points or 3 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,570-point plateau although it’s overdue for consolidation on Tuesday.
The global forecast for the Asian markets is murky, with interest rate concerns offset by support from crude oil prices. The European markets were mostly higher and the U.S. bourses were down and the Asian markets figure to split the difference.
The KLCI finished modestly higher on Monday following gains from the financial shares and plantation stocks, while the telecoms and glove makers were mixed.
For the day, the index rose 6.92 points or 0.44 percent to finish at 1,570.82 after trading between 1,567.88 and 1,575.63. Volume was 6.901 billion shares worth 3.873 billion ringgit. There were 737 gainers and 401 decliners.
Among the actives, Axiata and IOI Corporation both gained 0.25 percent, while CIMB Group surged 2.04 percent, Dialog Group spiked 1.41 percent, Digi.com sank 0.93 percent, Genting jumped 1.17 percent, Genting Malaysia added 0.64 percent, Hartalega Holdings plummeted 2.89 percent, IHH Healthcare gathered 0.75 percent, Kuala Lumpur Kepong rallied 1.07 percent, Maybank accelerated 1.37 percent, Maxis skidded 1.07 percent, MISC lost 0.72 percent, MRDIY tumbled 1.08 percent, Petronas Chemicals perked 0.81 percent, PPB Group fell 0.43 percent, Press Metal strengthened 0.66 percent, Public Bank collected 0.74 percent, RHB Capital soared 1.50 percent, Sime Darby tanked 1.30 percent, Sime Darby Plantations advanced 0.71 percent, Telekom Malaysia plunged 1.39 percent, Top Glove climbed 1.08 percent and Tenaga Nasional, Hong Leong Bank and Hong Leong Financial were unchanged.
The lead from Wall Street is negative as the major averages opened higher on Monday but faded as the day progressed and ended firmly in the red.
The Dow dropped 250.19 points or 0.72 percent to finish at 34,496.06, while the NASDAQ sank 93.34 points or 0.64 percent to close at 14,486.20 and the S&P 500 lost 30.15 points or 0.69 percent to end at 4,361.19.
Lingering concerns about the Federal Reserve scaling back its asset purchases weighed on Wall Street, as last Friday’s disappointing job report is not seen as likely to dissuade the central bank from tapering.
Trading activity was somewhat subdued, however, as some traders remained away from their desks for Columbus Day, also known as Indigenous Peoples’ Day.
Crude oil futures spiked Monday with falling inventories, the OPEC decision to stick with a gradual production increase, and the ongoing energy crunch supporting oil prices. West Texas Intermediate Crude oil futures for November rose $1.17 or 1.5 percent to $80.52 a barrel.