Markets

Rally May Stall For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, adding more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,565-point plateau although investors may cash in on Tuesday.

The global forecast for the Asian markets is slightly soft on renewed uncertainty about a trade deal between the United States and China. The European and U.S. markets finished in the red and the Asian bourses are tipped to follow suit.

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

For the day, the index advanced 10.75 points or 0.69 percent to finish at 1,567.59 after trading between 1,562.65 and 1,568.96. Volume was 3 billion shares worth 1.8 billion ringgit. There were 487 gainers and 367 decliners.

Among the actives, Sime Darby Plantations surged 3.90 percent, while IHH Healthcare soared 2.12 percent, MISC spiked 1.45 percent, RHB Capital accelerated 1.25 percent, CIMB Group jumped 1.23 percent, Maybank collected 1.07 percent, Sime Darby climbed 0.88 percent, Genting advanced 0.71 percent, Petronas Chemicals gathered 0.69 percent, Press Metal perked 0.64 percent, Tenaga Nasional dropped 0.58 percent, Top Glove shed 0.47 percent, Public Bank added 0.42 percent, Dialog Group gained 0.29 percent, AMMB Holdings lost 0.26 percent, IOI Corporation fell 0.24 percent, Axiata rose 0.23 percent, PPB Group was up 0.22 percent, Kuala Lumpur Kepong gained 0.09 percent and Malaysia Airports Holdings and Genting Malaysia were unchanged.

The lead from Wall Street is weak as stocks showed a lack of direction on Monday, bouncing back and forth across the unchanged line before ending slightly lower.

The Dow shed 29.23 points or 0.11 percent to finish at 26,787.36, while the NASDAQ lost 8.39 points or 0.10 percent to 8,048.65 and the S&P 500 fell 4.12 points or 0.14 percent to 2,966.15.

The choppy trading on Wall Street came amid light volume due to the Columbus Day holiday as well as renewed uncertainty about a trade deal with China as reports suggest China wants another round of talks before signing the agreement.

Traders are also adopting a wait-and-see attitude ahead of earnings season, which kicks off this week.

Crude oil futures drifted lower Monday on weak data out of China and Brexit concerns weighed on the outlook for energy demand. West Texas Intermediate crude oil futures for November ended down $1.11 or 2 percent at $53.59 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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