Bargain Hunting Likely To Lift Malaysia Stock Market

(RTTNews) – The Malaysia stock market has finished lower in three straight sessions, falling more than a dozen points or 0.8 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,540-point plateau although it’s due for support on Tuesday.

The global forecast for the Asian markets is broadly positive, with support expected from the financial, oil and telecom stocks. The European and U.S. markets were sharply higher and the Asian bourses figure to open in similar fashion.

The KLCI finished modestly lower on Monday as losses from the telecoms and plantations were offset by support from the financials and glove makers.

For the day, the index shed 6.59 points or 0.43 percent to finish at 1,542.53 after trading between 1,540.09 and 1,556.43. Volume was 3.379 billion shares worth 1.88 billion ringgit. There were 546 decliners and 355 decliners.

Among the actives, Axiata and IHH Healthcare both added 0.31 percent, while CIMB Group fell 0.20 percent, Dialog Group stumbled 1.25 percent, Digi.com retreated 1.45 percent, Genting jumped 1.87 percent, Genting Malaysia advanced 0.66 percent, Hartalega Holdings gained 0.24 percent, INARI tumbled 1.96 percent, IOI Corporation plummeted 7.27 percent, Kuala Lumpur Kepong surrendered 1.78 percent, Maybank rose 0.22 percent, Maxis slumped 1.11 percent, MISC was up 0.13 percent, MRDIY dropped 0.58 percent, PPB Group declined 1.51 percent, Press Metal climbed 0.76 percent, Public Bank collected 0.44 percent, Sime Darby skidded 0.87 percent, Sime Darby Plantations plunged 3.09 percent, Telekom Malaysia tanked 2.24 percent, Tenaga Nasional sank 0.43 percent, Top Glove spiked 2.76 percent and RHB Capital, Petronas Chemicals and Petronas Dagangan were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and largely accelerated as the day progressed, ending solidly in the green.

The Dow surged 618.34 points or 1.98 percent to finish at 31,880.24, while the NASDAQ soared 180.66 points or 1.59 percent to end at 11,535.27 and the S&P 500 jumped 72.39 points or 1.86 percent to close at 3,973.75.

The strength on Wall Street came as traders continued to pick up stocks at reduced levels, extending the recovery seen late in the trading session last Friday.

Buying interest was also generated in reaction to news the financial hub of Shanghai has lifted some of its COVID-19 restrictions and U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods.

Crude oil futures pared early gains and settled flat on Monday. Oil prices climbed higher earlier in the day amid hopes of increased demand from China, while a weaker dollar also offered support. But prices came off higher levels as the day progressed and eventually settled little changed.

West Texas Intermediate crude oil futures for July ended at $110.29 a barrel, up a penny from Friday’s close of $110.28 a barrel. The contract rose to a high of $111.96 earlier in the day.