Additional Support Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Monday wrote a finish to the eight-day losing streak in which it had stumbled almost 70 points or 4.4 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,400-point plateau and it's expected to add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat, supported by bargain hunting, rising oil prices and falling treasury yields. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

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

For the day, the index picked up 2.99 points or 0.21 percent to finish at 1,397.62 after trading between 1,384.82 and 1,401.82. Volume was 1.789 billion shares worth 1.449 billion ringgit. There were 530 decliners and 285 gainers.

Among the actives, Axiata jumped 1.15 percent, while CIMB Group fell 0.19 percent, Dialog Group plunged 2.51 percent, Digi.com surged 2.37 percent, Genting slumped 1.12 percent, Genting Malaysia skidded 1.08 percent, Hartalega Holdings retreated 1.20 percent, IHH Healthcare eased 0.17 percent, INARI tumbled 1.98 percent, Kuala Lumpur Kepong advanced 0.48 percent, Maybank added 0.23 percent, MISC rallied 1.48 percent, MRDIY tanked 2.03 percent, PPB Group perked 0.12 percent, Press Metal declined 1.24 percent, Public Bank collected 0.47 percent, RHB Capital climbed 0.72 percent, Sime Darby dropped 0.93 percent, Sime Darby Plantations soared 1.71 percent, Telekom Malaysia rose 0.18 percent, Tenaga Nasional spiked 1.61 percent, Top Glove plummeted 4.80 percent and Petronas Chemicals, Petronas Gas, IOI Corporation and Maxis were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and accelerated as the session progressed, ending near daily highs.

The Dow surged 765.38 points or 2.66 percent to finish at 29,490.89, while the NASDAQ soared 239.82 points or 2.27 percent to end at 10,815.43 and the S&P 500 jumped 92.81 points or 2.59 percent to close at 3,678.43.

The rally on Wall Street was largely due to hectic bargain hunting after recent sharp losses. Data showing that U.S. manufacturing activity slowed to its weakest pace in 30 months also helped ease concerns about aggressive monetary tightening by the Federal Reserve.

Also boosting stocks, the U.S. 10-year Treasury yield fell after British Prime Minister Liz Truss was forced to reverse course on a tax cut for the highest rate.

Crude oil prices rose sharply on Monday amid speculation that OPEC will discuss cutting crude output at their upcoming meeting on Wednesday. West Texas Intermediate Crude oil futures for November ended higher by $4.14 or 5.2 percent at $83.63 a barrel.