Malaysia Bourse May Challenge Resistance At 1,400 Points

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Malaysia Bourse May Challenge Resistance At 1,400 Points

(RTTNews) - The Malaysia stock market has finished higher in back-to-back sessions, gathering more than a dozen points or 0.9 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,385-point plateau and it's tipped to open in the green again on Tuesday.

The global forecast for the Asian markets is upbeat on bargain hunting after several days of volatility and heavy selling, while stability in the bond markets adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The KLCI finished slightly higher on Monday following gains from the glove makers, weakness from the plantations and a mixed performance from the financials and telecoms.

For the day, the index rose 3.80 points or 0.27 percent to finish at 1,386.27 after trading between 1,376.68 and 1,389.21. Volume was 1.976 billion shares worth 1.489 billion ringgit. There were 443 decliners and 363 gainers.

Among the actives, Dialog Group retreated 2.27 percent, while Digi.com advanced 0.62 percent, Genting dropped 0.69 percent, Genting Malaysia fell 0.39 percent, Hartalega Holdings surged 3.19 percent, IHH Healthcare soared 2.45 percent, INARI lost 0.43 percent, IOI Corporation slumped 0.81 percent, Kuala Lumpur Kepong sank 0.79 percent, Maybank collected 0.83 percent, Maxis jumped 0.89 percent, MISC rose 0.29 percent, MRDIY tumbled 2.55 percent, Petronas Chemicals shed 0.58 percent, PPB Group climbed 0.88 percent, Press Metal dipped 0.24 percent, Sime Darby added 0.46 percent, Telekom Malaysia declined 1.89 percent, Tenaga Nasional spiked 1.99 percent, Top Glove skyrocketed 7.25 percent and Axiata, CIMB Group, Public Bank, RHB Capital, Sime Darby Plantations and Hong Leong Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Monday and stayed that way throughout the session.

The Dow surged 550.99 points or 1.86 percent to finish at 30,185.82, while the NASDAQ soared 354.41 points or 3.43 percent to end at 10.675.80 and the S&P 500 jumped 94.88 points or 2.65 percent to close at 3,677.95.

An early pullback by treasury yields fueled the buying interest, although yields regained ground over the course of the session. The markets also benefitted from strong earnings news from financial giant Bank of America (BAC).

The strength also followed news that the U.K. government is reversing course on previously announced fiscal plans that contributed to turmoil in the global bond markets.

In economic news, the Federal Reserve Bank of New York reported that regional manufacturing activity contracted more than expected in October.

Crude oil futures slumped on Monday, extending losses from the previous session as worries about a recession weighed on the outlook for energy demand and pushed down oil prices. West Texas Intermediate Crude oil futures for November eased $0.15 or 0.2 percent at $85.46 a barrel.

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