Rebound Tipped For Malaysia Stock Market

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( - The Malaysia stock market has alternated between positive and negative finishes through the last six sessions since the end of the two-day slide in which it had fallen almost 6 points or 0.3 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,790-point plateau although it may bounce higher again on Tuesday.

The global forecast for the Asian markets is firm thanks to positive news from Europe, although persistent weakness in crude oil prices may cap the upside. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The KLCI finished slightly lower on Monday following losses from the financials, plantations and industrials.

Among the actives, Sime Darby shed 0.21 percent, while IOI skidded 1.75 percent, Kuala Lumpur Kepong tumbled 1.58 percent, MISC jumped 1.22 percent, CIMB Group lost 0.89 percent, Maybank was unchanged, Public Bank fell 0.29 percent, Telekom Malaysia dropped 0.45 percent and Petronas Gas eased 0.11 percent.

The lead from Wall Street is broadly positive as stocks moved higher on Monday, allowing the Dow and the S&P 500 to both hit new record closing highs.

The Dow climbed 144.71 points or 0.7 percent to 21,528.99, while the NASDAQ surged 87.25 points or 1.4 percent to 6,239.01 and the S&P added 20.31 points or 0.8 percent to 2,453.46.

The buying interest on Wall Street was in reaction to political news out of Europe. Brexit negotiations with the EU have begun after Britain bowed to pressure for a formal opening to their long-awaited negotiations.

Also, French President Emmanuel Macron's party won a clear parliamentary majority in Sunday's election, giving him a strong mandate in parliament to pursue his pro-European Union, business-friendly reform plans.

Crude oil futures fell Monday as the dollar strengthened on expectations the Federal Reserve will again raise interest rates in the next few months. WTI light sweet crude oil was down 58 cents at $44.17 a barrel.

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This article appears in: Politics , World Markets , US Markets , Stocks
Referenced Symbols: 1023 , 1295 , 2445 , 4197 , 4863

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