Additional support planned for Malaysian stock market
(RTTNews) – Ahead of Tuesday’s holiday to honor the Prophet Muhammad’s birthday, the Malaysian stock market had risen in consecutive trading days, rallying nearly 15 points or 0.9% along the way. The Kuala Lumpur Composite Index now sits just above the 1,605 point plateau and is expected to extend its gains on Wednesday.
Global forecasts for Asian markets are optimistic, supported by strong earnings expectations and rising crude oil prices. European markets were mixed and US stock markets were up and Asian markets were counting to divide the difference.
The KLCI ended slightly higher on Monday, as gains in financial stocks and plantation stocks were limited by weakness in rubber glove makers.
For the day, the index rose 7.69 points or 0.50% to close at 1,605.97 after trading between 1,602.71 and 1,609.62. The volume was 4.613 billion shares worth 2.913 billion ringgits. There were 573 winners and 495 losers.
Among assets, Axiata grew 2.24%, while CIMB Group rose 3.52%, Dialog Group strengthened 1.67%, Digi.com grew 0.23%, Genting accelerated 2.70%, Genting Malaysia climbed 3.80%, Hartalega Holdings lost 0.32%, IHH Healthcare fell 1.48%, IOI Corporation rose 0.50%, Kuala Lumpur Kepong s’ improved 0.53%, Maybank collected 0.36%, Maxis jumped 1.26%, MISC added 0.70%, MRDIY fell 0.82%, Petronas Chemicals fell 0.11 %, PPB Group gained 0.54%, Press Metal lost 0.48%, Public Bank increased 0.95%, RHB Capital jumped 4.06%, Sime Darby gained 0.87%, Sime Darby Plantations rose 0.93%, Telekom Malaysia fell 0.17%, Tenaga Nasional climbed 1.24% and Top Glove fell 1.08%.
Wall Street’s lead is generally positive as major averages opened higher on Tuesday and remained solidly in the green throughout the session.
The Dow Jones climbed 198.70 points or 0.56% to close at 35,457.31, while the NASDAQ jumped 107.28 points or 0.71% to close at 15,129.09 and the S&P 500 gained 33.17 points or 0.74% to finish at 4,519.63.
Upbeat earnings news from insurance giant Travelers Companies Inc. (TRV), Johnson & Johnson (JNJ), Procter & Gamble (PG) and Netflix (NFLX) boosted morale.
Economically, the Commerce Department noted an unexpected drop in new residential construction in the United States in September.
Crude oil prices rose on Tuesday amid rising demand for fuel oil and diesel fuel due to a severe energy crisis in China and several parts of Europe. West Texas Intermediate crude oil futures for November ended up $ 0.52 or 0.6% at $ 82.96 a barrel.
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