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Malaysia Stock Market May Add To Its Winnings On Tuesday

The Malaysia stock market has finished higher in four straight sessions, advancing more than 30 points or 2.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,410-point plateau and it may extend its gains again on Tuesday.

The global forecast for the Asian markets is broadly positive on optimism for a possible vaccine to counter the Covid-19 virus. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.

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

For the day, the index added 6.72 points or 0.48 percent to finish at 1,410.16 after trading between 1,405.65 and 1,416.94. Volume was 11.134 billion shares worth 4.383 billion ringgit. There were 663 gainers and 331 decliners.

Among the actives, IOI Corporation surged 4.01 percent, while Dialog Group soared 2.62 percent, Digi.com spiked 2.28 percent, Sime Darby Plantations accelerated 1.95 percent, Kuala Lumpur Kepong jumped 1.69 percent, Top Glove climbed 1.16 percent, RHB Capital gathered 1.06 percent, AMMB Holdings tumbled 1.02 percent, Genting perked 1.02 percent, Genting Malaysia advanced 0.88 percent, Maxis skidded 0.75 percent, Tenaga Nasional dropped 0.66 percent, Press Metal added 0.54 percent, Sime Darby gained 0.51 percent, Axiata fell 0.26 percent, MISC gained 0.25 percent, Hartalega Holdings rose 0.22 percent, Maybank collected 0.14 percent, Public Bank increased 0.13 percent and Petronas Chemicals, CIMB Group and IHH Healthcare were unchanged.

The lead from Wall Street is upbeat as stocks opened sharply higher on Monday and gathered even more steam as the session progressed, cutting into last week's losses.

The Dow surged 911.95 points or 3.85 percent to finish at 24,597.37, while the NASDAQ jumped 220.27 points or 2.44 percent to 9.234.83 and the S&P 500 spiked 90.21 points or 3.15 percent to end at 2,953.91.

The rally on Wall Street came after Moderna (MRNA) reported "positive" phase one results for a potential coronavirus vaccine. Shares of the firm spiked 20 percent after the bio-tech company said an early-stage human trial for a vaccine produced antibodies in all 45 participants.

Energy stocks also saw substantial strength on the day as crude oil prices moved higher on Monday on easing worries about outlook for energy demand. West Texas Intermediate crude oil futures for June ended up $2.39 or 8.1 percent at $31.82 a barrel.

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