Plus   Neg

Malaysia Bourse Draws A Green Light For Tuesday

The Malaysia stock market bounced higher again on Monday, one session after it had halted the two-day winning streak in which it had gathered almost a dozen points or 0.7 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,700-point plateau and it's tipped to open higher again on Tuesday.

The global forecast for the Asian markets is upbeat on easing trade concerns and a jump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KLCI finished sharply higher on Monday following gains from the financial shares, plantation stocks and telecoms.

For the day, the index perked 19.86 points or 1.18 percent to finish at 1,699.72 after trading between 1,685.74 and 1,700.67. Volume was 2.5 billion shares worth 2.3 billion ringgit. There were 568 gainers and 338 decliners.

Among the actives, Axiata skyrocketed 8.82 percent, while Sime Darby surged 6.55 percent, Genting soared 4.94 percent, Telekom Malaysia spiked 3.86 percent, CIMB Group jumped 2.43 percent, Genting Malaysia climbed 1.75 percent, Digi.com, Hong Leong Bank and IOI Corporation all advanced 1.18 percent, RHB Capital collected 0.95 percent, Maybank added 0.43 percent, Tenaga Nasional gained 0.42 percent, Petronas Chemicals slid 0.33 percent, Public Bank dipped 0.16 percent and Kuala Lumpur Kepong, IHH Healthcare and Hartalega Holdings were unchanged.

The lead from Wall Street is solid as stocks opened sharply higher on Monday before giving back some ground - although the major averages still finished firmly positive.

The Dow added 287.97 points or 1.13 percent to 25,826.43, while the NASDAQ climbed 110.98 points or 1.51 percent to 7,441.51 and the S&P gained 30.20 points or 1.09 percent to 2,790.37.

The initial jump was a positive reaction to the meeting between President Donald Trump and Chinese President Xi Jinping over the weekend. At the meeting, they agreed to a 90-day truce in the escalating trade war between the world's two largest economies as they work to reach a long-term trade deal.

In economic news, the Institute for Supply Management noted an unexpected acceleration in the pace of growth in manufacturing activity in November. A separate report from the Commerce Department showed construction spending unexpectedly edged lower in October.

Crude oil prices rose sharply on Monday amid easing trade tensions after the U.S. and China agreed on a 90-day trade war truce. Crude oil futures for January ended up $2.02 or 4 percent at $52.95 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT