logo
Plus   Neg
Share
Email

Higher Open Anticipated For Malaysia Stock Market

The Malaysia stock market has tracked higher in back-to-back trading days, collecting almost a dozen points or 0.7 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,655-point plateau and it's got another green light for Tuesday's trade.

The global forecast for the Asian markets is firm on easing trade tensions between the United States and Mexico. The European and U.S. bourses were up and the Asian markets are tipped to follow that lead.

The KLCI finished modestly higher on Monday as gains from the financial shares and plantation stocks were capped by weakness from the industrial issues.

For the day, the index rose 6.14 points or 0.37 percent to finish at 1,655.47 after trading between 1,651.85 and 1,656.00. Volume was 2.3 billion shares worth 1.79 billion ringgit. There were 613 gainers and 276 decliners.

Among the actives, Malaysia Airports Holdings surged 3.15 percent, while Genting Malaysia soared 2.22 percent, Petronas Gas sank 1.97 percent, Digi.com spiked 1.87 percent, Sime Darby jumped 1.78 percent, Genting climbed 1.72 percent, IHH Healthcare gathered 1.63 percent, Hartalega Holdings perked 1.33 percent, Maybank collected 0.56 percent, IOI Corporation skidded 0.46 percent, Public Bank advanced 0.34 percent, Dialog Group added 0.30 percent, Kuala Lumpur Kepong gained 0.24 percent, Petronas Chemicals shed 0.24 percent, Tenaga Nasional fell 0.16 percent and MISC, AMMB Holdings, Axiata Group, CIMB and Sime Darby Plantations all were unchanged.

The lead from Wall Street is positive as stocks opened sharply higher Monday, faded a bit in the afternoon but still finished firmly in the green.

The Dow added 78.74 points or 0.30 percent to 26,062.68, while the NASDAQ gained 81.07 points or 1.05 percent to 7,823.17 and the S&P 500 rose 13.39 points or 0.47 percent to 2,886.73.

The morning rally came in reaction to news the U.S. and Mexico have reached an agreement to avert President Donald Trump's threatened tariffs on all Mexican imports.

Trump also said that existing tariffs on Chinese imports will force China to make a deal and threatened to impose more tariffs if Chinese President Xi Jinping does not attend a planned meeting at the G-20 summit later this month.

Crude oil futures ended lower Monday as concerns over near term energy demand outweighed prospects of a likely extension of production cuts by OPEC. West Texas Intermediate Crude oil futures for July ended down $0.73 or 1.4 percent at $53.26 a barrel.

Closer to home, Malaysia will release April numbers for industrial and manufacturing production later today; in March, industrial production was up 3.1 percent on year and manufacturing production rose 4.1 percent on year.

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>