Malaysia Stock Market Poised To Add To Its Winnings

(RTTNews) - The Malaysia stock market has moved higher in six straight sessions, collecting more than 35 points or 2.1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,515-point plateau and it may extend its gains again on Tuesday.

The global forecast for the Asian markets is upbeat on easing treasury yields and ahead of the Federal Reserve's policy meeting later this week. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KLCI finished modestly higher on Monday following gains from the financial shares, telecoms and plantations.

For the day, the index gained 9.11 points or 0.60 percent to finish at 1,515.39 after trading between 1,507.88 and 1,518.44.

Among the actives, Axiata surged 4.21 percent, while Celcomdigi sank 0.47 percent, CIMB Group gathered 0.65 percent, Genting was up 0.21 percent, Genting Malaysia gained 0.74 percent, IHH Healthcare climbed 1.15 percent, IOI Corporation added 0.76 percent, Maxis increased 0.26 percent, Maybank and Hong Leong Financial both advanced 0.98 percent, MISC fell 0.27 percent, MRDIY spiked 2.14 percent, Petronas Chemicals improved 0.45 percent, PPB Group jumped 1.66 percent, Press Metal rallied 1.47 percent, Public Bank collected 0.92 percent, QL Resources eased 0.17 percent, RHB Capital rose 0.71 percent, Sime Darby shed 0.40 percent, Sime Darby Plantations soared 3.91 percent, Telekom Malaysia perked 0.51 percent, Tenaga Nasional lost 0.38 percent, YTL Corporation plunged 2.86 percent, YTL Power dropped 0.50 percent and Kuala Lumpur Kepong was unchanged.

The lead from Wall Street is positive as the major averages opened flat on Monday and stayed that way for much of the session before a late surge sent them solidly into the green.

The Dow rallied 224.02 points or 0.59 percent to finish at 38,333.45, while the NASDAQ jumped 172.68 points or 1.12 percent to close at 15,628.04 and the S&P 500 gained 36.96 points or 0.76 percent to end at 4,927.93.

The strength that emerged on Wall Street reflected a notable pullback by treasury yields, which gave ground after moving higher last Friday. Yields fell to new lows and stocks rallied late in the session as the Treasury Department reduced its estimates for first quarter borrowing.

Earlier in the day, traders seemed reluctant to make significant ahead of several key events this week, including the Federal Reserve's monetary policy announcement on Wednesday.

While the Fed is widely expected to leave interest rates unchanged, traders will be looking for clues about the likelihood of rate cuts at upcoming meetings. Recent economic data has led many economists to believe the Fed is unlikely to cut rates in March, as traders had previously hoped.

Crude oil prices fell on Monday as concerns about the outlook for demand outweighed the ongoing geopolitical tensions in the Middle East, while a firmer dollar also weighed on oil prices. West Texas Intermediate Crude oil futures for March slipped $1.23 or 1.6 percent to settle at $76.88 a barrel.