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Malaysia Bourse May Extend Winning Streak

Ahead of the long four-day weekend, the Malaysia stock market had ticked higher in two straight sessions, although it added just 4 points or 0.1 percent in that span. The Kuala Lumpur Composite Index remains just beneath the 1,800-point plateau and it's expected to add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat that to a surge in crude oil prices, while bargain hunting also is expected. The European markets were mixed but little changed and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The KLCI finished barely higher on Friday as gains from the financials and telecoms were offset by weakness from the plantations.

For the day, the index was up 0.60 points or 0.03 percent to finish at 1,799.17 after trading between 1,795.29 and 1,802.12. Volume was 17.3 million shares worth 1.63 billion ringgit. There were 475 decliners and 334 gainers.

Among the actives, Telekom Malaysia surged 2.57 percent, while Malaysia Airports Holdings plunged 1.19 percent, IOI Corporation tumbled 1.12 percent, Genting spiked 0.74 percent, Sime Darby skidded 0.37 percent, IHH Healthcare jumped 0.36 percent, Tenaga Nasional climbed 0.25 percent, Genting Malaysia advanced 0.20 percent, Kuala Lumpur Kepong dropped 0.16 percent, Petronas Chemicals added 0.11 percent, Maybank collected 0.10 percent and Hong Leong Financial, CIMB Group, RHB Capital, Dialog Group and Hap Seng Consolidated all were unchanged.

The lead from Wall Street is positive as stocks shrugged off a lower open on Tuesday, bouncing off early lows to end in positive territory.

The Dow rose 113.99 points or 0.44 percent to 25,971.06, while the NASDAQ climbed 48.31 points or 0.61 percent to 7,972.47 and the S&P added 10.76 points or 0.37 percent to 2,887.89.

The strength came largely as traders looked to pick up stocks at reduced levels following recent weakness.

Trading activity remained somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.

Crude oil futures ended higher on Tuesday, snapping a four-day losing streak, with falling output in Iran tightening global crude supply. Crude oil futures for October ended up $1.70 or 2.5 percent at $69.25 a barrel, the highest settlement price in a week.

by RTTNews Staff Writer

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