Additional Support Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Monday snapped the two-day losing streak in which it had slipped almost 10 points or 0.6 percent. The Kuala Lumpur Composite Index now sits just above the 1,595-point plateau and it may extend its gains on Tuesday. The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

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

For the day, the index rose 1.19 points or 0.07 percent to finish at 1,595.48 after trading between 1,593.37 and 1,603.94. Among the actives, Axiata fell 0.43 percent, while Celcomdigi jumped 1.96 percent, CIMB Group shed 0.48 percent, Genting sank 0.53 percent, Genting Malaysia lost 0.46 percent, IHH Healthcare dropped 0.83 percent, IOI Corporation rallied 1.58 percent, Kuala Lumpur Kepong soared 3.36 percent, Maxis increased 0.86 percent, Maybank declined 1.18 percent, MISC and MRDIY both added 0.55 percent, Nestle Malaysia eased 0.17 percent, Petronas Chemicals accelerated 3.00 percent, PPB Group rose 0.30 percent, Press Metal surged 6.47 percent, QL Resources gained 0.41 percent, RHB Bank tumbled 2.96 percent, Sime Darby advanced 0.88 percent, SD Guthrie spiked 3.33 percent, Sunway slumped 1.03 percent, Telekom Malaysia improved 1.42 percent, Tenaga Nasional retreated 1.32 percent, YTL Corporation stumbled 2.88 percent, YTL Power climbed 1.47 percent and Public Bank and Petronas Gas were unchanged. The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.

The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the S&P 500 added 14.77 points or 0.24 percent to end at 6,047.15.

Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.

In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.

Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.