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Malaysia Shares May See Additional Support

The Malaysia stock market bounced higher again on Monday, one session after it had ended the two-day winning streak in which it had collected more than a dozen points or 0.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,780-point plateau and it may tick higher again on Tuesday.

The global forecast for the Asian markets is firm, primarily riding a jump in crude oil prices. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The KLCI finished slightly higher on Monday following gains from the financial shares and mixed performances from the plantations and industrials.

For the day, the index added 2.84 points or 0.16 percent to finish at 1,782.74 after trading between 1,778.27 and 1,784.25. Volume was 2.73 billion shares worth 2.16 billion ringgit. There were 502 gainers and 312 decliners, with 435 stocks finishing unchanged.

Among the actives, Telekom Malaysia climbed 0.78 percent, while Sime Darby jumped 0.77 percent, Genting Malaysia gained 0.68 percent, Axiata advanced 0.59 percent, IOI Corporation and Petronas Gas both shed 0.44 percent, Petronas Chemicals added 0.27 percent, Maybank gained 0.21 percent, CIMB Group collected 0.15 percent and Tenaga Nasional and YTL Corporation were unchanged.

The lead from Wall Street is positive as stocks moved sharply higher on Monday, although the movement may have been exacerbated by the low volume.

The Dow jumped 259.58 points or 1.19 percent to 22,057.37, while the NASDAQ climbed 72.07 points or 1.13 percent to 6,432.26 and the S&P gained 26.68 points or 1.08 percent to 2,488.11.

The strength on Wall Street came as the impact of Hurricane Irma was not as severe as many had anticipated.

Trading activity was somewhat subdued, however, with September 11th memorials attracting a lot of attention.

Crude oil futures rose Monday on optimism over Hurricane Irma's less destructive path through Florida. October WTI oil was at $48.07/bbl on Nymex, up 59 cents, or 1.2 percent.

by RTT Staff Writer

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