Renewed Support Tipped For Malaysia Shares

(RTTNews) - The Malaysia stock market on Monday wrote a finish to the six-day winning streak in which it had advanced almost 40 points or 2.8 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,440-point plateau although it's poised to bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on optimism ahead of earnings and anticipated bargain hunting after a couple days of heavy selling. The European and U.S. markets were firmly higher and the Asian markets are expected to open in similar fashion.

The KLCI finished modestly lower on Monday following losses from the property stocks and telecoms.

For the day, the index fell 5.18 points or 0.36 percent to finish at 1,438.96 after trading between 1,436.50 and 1,446.12.

Among the actives, Axiata plunged 2.46 percent, while Celcomdigi tanked 2.28 percent, CIMB Group stumbled 0.88 percent, Dialog Group advance 0.95 percent, Genting retreated 1.21 percent, Genting Malaysia and Telekom Malaysia both shed 0.40 percent, IHH Healthcare fell 0.17 percent, IOI Corporation lost 0.26 percent, Kuala Lumpur Kepong declined 1.28 percent, MISC added 0.14 percent, MRDIY plummeted 3.80 percent, Petronas Chemicals jumped 1.77 percent, PPB Group tumbled 2.16 percent, Press Metal climbed 1.03 percent, Sime Darby sank 0.44 percent, Sime Darby Plantations slumped 0.71 percent, Tenaga Nasional skidded 0.70 percent, Westports Holdings dropped 0.63 percent and Petronas Dagangan, Petronas Gas, Maxis, Public Bank, RHB Capital and Maybank were unchanged.

The lead from Wall Street is strong as the major averages opened sharply higher on Monday pretty much stayed that way throughout the session.

The Dow jumped 314.25 points or 0.93 percent to finish at 33,984.54, while the NASDAQ rallied 160.75 points or 1.20 percent to end at 13,567.98 and the S&P 500 gained 45.85 points or 1.06 percent to close at 4,373.63.

The strength on Wall Street came as stocks rallied ahead of earnings updates from several top-ranked companies, shrugging off rising bond yields and concerns about the ongoing war in the Middle East.

Goldman Sachs, Bank of America, Tesla, Netflix and Johnson & Johnson are among the companies scheduled to announce their quarterly results this week.

In economic news, the New York Federal Reserve released a report showing a downturn in regional manufacturing activity in the month of October.

Crude oil prices fell on Monday, retreating after rising sharply in the previous session amid fears that the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East. West Texas Intermediate Crude oil futures for November shed $1.03 or 1.2 percent at $86.66 a barrel.