logo
Plus   Neg
Share
Email

Malaysia Bourse May Test Resistance At 1,600 Points

The Malaysia stock market has alternated between positive and negative finishes through the last seven trading days since the end of the three-day slide in which it had stumbled more than 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just above the 1,590-point plateau and it's got another green light for Tuesday's trade.

The global forecast for the Asian markets is upbeat on hopes for further stimulus in the face of the coronavirus pandemic. The European markets were slightly lower and the U.S. bourses were firmly higher and the Asian markets are tipped to follow the latter lead.

The KLCI finished slightly higher on Monday following mixed performances from the plantations and telecoms.

For the day, the index picked up 1.87 points or 0.12 percent to finish at 1,591.48 after trading between 1,585.24 and 1,595.00. Volume was 11.612 billion shares worth 6.235 billion ringgit. There were 582 gainers and 505 decliners.

Among the actives, Kuala Lumpur Kepong surged 5.20 percent, while Hartalega Holdings soared 3.51 percent, Sime Darby spiked 2.35 percent, Genting plummeted 2.27 percent, Genting Malaysia plunged 2.15 percent, Malaysia Airports Holdings tanked 2.12 percent, Top Glove accelerated 1.73 percent, AMMB Holdings tumbled 1.65 percent, Sime Darby Plantations skidded 1.35 percent, Petronas Chemicals retreated 1.28 percent, Maxis declined 1.14 percent, Public Bank surrendered 1.13 percent, Press Metal sank 1.06 percent, IOI Corporation jumped 0.67 percent, Axiata dropped 0.62 percent, Tenaga Nasional climbed 0.53 percent, Maybank shed 0.38 percent, IHH Healthcare lost 0.37 percent, Digi.com added 0.24 percent, PPB Group gained 0.21 percent, RHB Capital fell 0.20 percent and Dialog Group, CIMB Group and MISC were unchanged.

The lead from Wall Street is positive as stocks rebounded from last week's weakness as traders cycled back into big-name tech stocks.

The Dow added 114.88 points or 0.43 percent to finish at 26,584.77, while the NASDAQ jumped 173.09 points or 1.67 percent to end at 10,536.27 and the S&P 500 rose 23.78 points or 0.74 percent to close at 3,239.41.

The strength on Wall Street partly reflected optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.

In economic news, the Commerce Department released report showing durable goods orders continued to move sharply higher in June.

Crude oil prices rebounded after early losses on Monday as the dollar fell to its lowest level in two years. West Texas Intermediate Crude oil futures for September ended up $0.31 or 0.8 percent at $41.60 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT