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Malaysia Stock Market Set To Extend Winning Streak

The Malaysia stock market has climbed higher in six straight sessions, advancing more than 85 points or 5.6 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,575-point plateau and it's predicted to open higher again on Tuesday.

The global forecast for the Asian markets is upbeat on continued optimism for economic recovery from the coronavirus pandemic, despite a rebound by the virus. The European and U.S. markets were sharply higher and the Asian bourses also figure to open in the green.

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

For the day, the index spiked 24.25 points or 1.56 percent to finish at 1,576.90 after trading between 1,553.79 and 1,577.82. Volume was 8.731 billion shares worth 5.074 billion ringgit. There were 744 gainers and 332 decliners.

Among the actives, Top Glove skyrocketed 8.13 percent, while Petronas Chemicals surged 3.89 percent, Hartalega Holdings soared 3.12 percent, Petronas Gas spiked 3.06 percent, IOI Corporation accelerated 2.27 percent, MISC jumped 2.17 percent, Dialog Group climbed 1.88 percent, Public Bank gathered 1.64 percent, Maybank collected 1.56 percent, Digi.com perked 1.40 percent, RHB Capital rallied 1.02 percent, Tenaga Nasional advanced 0.85 percent, Press Metal added 0.64 percent, Kuala Lumpur Kepong gained 0.62 percent, Maxis rose 0.38 percent, Malaysia Airports Holdings shed 0.35 percent, AMMB Holdings lost 0.32 percent, Axiata fell 0.29 percent, Genting increased 0.24 percent, Sime Darby Plantations was up 0.20 percent and Sime Darby, CIMB Group, IHH Healthcare and Genting Malaysia were unchanged.

The lead from Wall Street is broadly positive as stocks opened Monday with a strong move to the upside and remained in the green throughout the session, extending last week's gains.

The Dow jumped 459.67 points or 1.78 percent to finish at 26,2187.03, while the NASDAQ spiked 226.02 points or 2.21 percent to end at 10,433.65 and the S&P 500 climbed 49.71 points or 1.59 percent to close at 3,179.72.

Strength in overseas has carried over to Wall Street, as Chinese shares skyrocketed on the day amid positive commentary on the market from state media. China's Securities Times said fostering a healthy bull market after the pandemic is now more important to the economy than ever.

Traders also remain generally optimistic about the U.S. economic outlook following last Thursday's better than expected jobs data. Then on Monday, the Institute for Supply Management reported a substantial turnaround in U.S. service sector activity in June.

Investors also weighed developments on the coronavirus vaccine front following reports that the U.K. is closing in on a $624 million supply deal with Sanofi and GlaxoSmithKline for 60 million doses of a potential vaccine.

Crude oil futures settled slightly lower Monday as traders weighed energy demand prospects and fears of another lockdown amid a surge in new coronavirus cases across the globe. West Texas Intermediate crude oil futures for August ended down $0.02 at $40.63 a barrel.

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