Malaysia Shares Expected To See Additional Support

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, collecting more than 20 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,425-point plateau and it may add to its winnings again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic ahead of Wednesday's FOMC interest rate decision. The European and U.S. markets were mostly higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly higher on Monday following gains from the plantations and telecoms, while the financials were mixed.

For the day, the index improved 11.17 points or 0.79 percent to finish at the daily high of 1,424.69 after moving as low as 1,412.38.

Among the actives, Axiata rallied 1.56 percent, while Celcomdigi advanced 1.14 percent, CIMB Group collected 0.94 percent, Dialog Group sank 0.45 percent, Genting rose 0.24 percent, IHH Healthcare fell 0.34 percent, Kuala Lumpur Kepong soared 2.37 percent, Maybank spiked 1.59 percent, MRDIY strengthened 1.41 percent, PPB Group climbed 1.35 percent, Press Metal perked 0.21 percent, RHB Capital lost 0.36 percent, Sime Darby slumped 0.93 percent, Sime Darby Plantations added 0.88 percent, Telekom Malaysia jumped 1.42 percent, Tenaga Nasional surged 3.84 percent, Westports Holdings dropped 0.83 percent and Petronas Chemicals, Petronas Gas, Maxis, MISC, Public Bank, Genting Malaysia, IOI Corporation and Hong Leong Bank were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened higher, faded as the day progressed but still finished with modest gains.

The Dow jumped 183.55 points or 0.52 percent to finish at 35,411.24, while the NASDAQ rose 26.06 points or 0.19 percent to close at 14,058.87 and the S&P 500 added18.30 points or 0.40 percent to end at 4,554.64.

The markets continued to benefit from recent upward momentum, which has contributed to an 11-day winning streak for the Dow, the longest since February 2017. The recent strength lifted all three major averages to their best levels in over a year last week.

Overall trading activity remained somewhat subdued, however, as traders looked ahead to the Federal Reserve's monetary policy decision on Wednesday.

With the Fed widely expected to raise interest rates by another 25 basis point, traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.

Crude oil futures settled sharply higher Monday, buoyed by increased demand for gasoline and export cuts by Saudi Arabia and Russia. West Texas Intermediate Crude oil futures for September ended higher by $1.67 or 2.2 percent at $78.74 a barrel.