Support Predicted For Malaysia Stock Market
(RTTNews) - The Malaysia stock market has finished lower in three straight sessions, slipping almost 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index remains just above the 1,570-point plateau although it may find traction on Tuesday.
The global forecast for the Asian markets is upbeat on renewed optimism about a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.
The KLCI finished barely lower on Monday as losses from the financials were offset by gains from the plantations.
For the day, the index eased 0.22 points or 0.01 percent to finish at 1,570.93 after trading between 1,565.08 and 1,572.06. Volume was 2.6 billion shares worth 1.5 billion ringgit. There were 435 decliners and 383 gainers.
Among the actives, AMMB Holdings plummeted 1.99 percent, while Genting plunged 1.05 percent, Axiata and RHB Capital both surged 0.71 percent, Top Glove soared 0.69 percent, Press Metal spiked 0.63 percent, Dialog Group tumbled 0.58 percent, Kuala Lumpur Kepong jumped 0.56 percent, Sime Darby climbed 0.44 percent, Digi.com skidded 0.43 percent, CIMB Group dropped 0.40 percent, Genting Malaysia advanced 0.33 percent, Petronas Chemicals added 0.27 percent, Malaysia Airports Holdings gained 0.25 percent, Sime Darby Plantations rose 0.21 percent, IHH Healthcare lost 0.18 percent, MISC was up 0.12 percent, Maybank eased 0.12 percent and Petronas Gas, Public Bank, Hartalega Holdings, Tenaga Nasional and IOI Corporation all were unchanged.
The lead from Wall Street is positive as stocks moved higher on Monday, sending the major averages to their best closing levels in a month.
The Dow added 57.44 points or 0.21 percent to 26,827.64, while the NASDAQ gained 73.44 points or 0.91 percent to 8,162.99 and the S&P 500 rose 20.52 points or 0.69 percent to 3,006.72.
The strength on Wall Street came amid renewed optimism about the completion of phase one of a U.S.-China trade deal following encouraging comments from President Donald Trump and Chinese Vice Premier Liu He.
Strong corporate results from last week also made traders hopeful as earnings season gets into full swing in the coming days, including the likes of McDonald's (MCD), Procter & Gamble (PG), UPS (UPS), Caterpillar (CAT), eBay (EBAY), Ford (F), Microsoft (MSFT), Tesla (TSLA), Twitter (TWTR) and Amazon (AMZN).
Crude oil futures drifted lower on Monday on worries that a global economic slowdown could threaten near term energy demand. West Texas Intermediate Crude oil futures for November fell $0.47 or 0.9 percent at $53.31 a barrel.