(RTTNews) – The Malaysian stock market has soared higher in three consecutive sessions, gaining almost 30 points or 2 percent along the way. The Kuala Lumpur Composite Index is now just below the 1,465-point plateau, although the rally may come to a halt on Tuesday.
Global forecasts for Asian markets are mixed and relatively flat, with many of the regional bourses in profit-taking after big recent gains. European markets were slightly lower and US markets were slightly higher, while Asian markets split the difference. The KLCI ended sharply higher on Monday after gains from the financial sector, plantations and telecom companies. For the day, the index rose 14.74 points or 1.02 percent to end at a daily high of 1,464.67, after hitting a low of 1,452.29.
Among active companies, Axiata rose 3.83 percent, while Celcomdigi rose 2.10 percent, CIMB Group rose 1.40 percent, Dialog Group rose 0.94 percent, Genting rose 2.17 percent, Genting Malaysia rose 2.44 percent up, IHH Healthcare up 0.33 percent, IOI Corporation up 1.26 percent, Kuala Lumpur Kepong up 0.09 percent, Maxis strengthened 1.49 percent, Maybank rallied 0.77 percent, MRDIY up 0 .66 percent, Petronas Chemicals accelerated 2.09 percent, PPB Group lost 0.39 percent, Press Metal fell 0.20 percent, Public Bank rose 1.67 percent, RHB Capital added 0.71 percent, Sime Darby rose 1 .71 percent, Sime Darby Plantations gained 0.68 percent, Telekom Malaysia advanced 1.37 percent, Tenaga Nasional and Westports Holdings both rose 0.30 percent and the MISC remained unchanged.
Wall Street’s lead signals a very slight uptrend as the major averages opened higher on Monday, moving into the red late but managing to end just above the unchanged line at the close.
The Dow Jones rose 34.54 points or 0.10 percent to close at 34,095.86, while the NASDAQ gained 40.50 points or 0.30 percent to close at 13,518.78 and the S&P 500 gained 7.64 points or 0.18 percent to end at 4,365.98.
The early strength on Wall Street came as traders continued to express optimism about the outlook for interest rates. The Federal Reserve’s monetary policy announcement last Wednesday, combined with softer-than-expected employment data last Friday, has led to optimism that the central bank is done raising interest rates.
Government bonds saw a significant pullback in trading on Monday after rising sharply over the past few sessions. Bond prices came under pressure early in the session and saw further declines during the day. As a result, the yield on the ten-year benchmark, which moves inversely to the price, rose 10.4 basis points to 4.662 percent.
A late round of profit-taking after recent gains left markets briefly in the red before a mild recovery occurred.
Oil futures closed higher on Monday after Russia and Saudi Arabia confirmed they will extend their voluntary production and supply cuts through the end of the year. West Texas Intermediate crude futures ended December higher by $0.31, or 0.4 percent, at $80.82 per barrel.
Closer to home, Malaysia’s industrial production data for September will be released later today, with forecasts pointing to a 0.2 percent year-on-year decline after a 0.3 percent decline in August.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.