(RTTNews) – The Malaysia stock market ticked higher again on Monday, one session after ending the two-day winning streak in which it had gathered almost 10 points or 0.6 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,520-point plateau and it’s tipped to open in the green.
The global forecast for the Asian markets is positive on hopes for an end to hostilities between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KLCI finished slightly higher on Monday as gains from the plantations and telecoms were capped by weakness from the financial sector.
For the day, the index perked 1.88 points or 0.12 percent to finish at 1,519.99 after trading between 1,512.26 and 1,521.38.
Among the actives, 99 Speed Mart Retail stumbled 2.31 percent, while Axiata soared 4.37 percent, Celcomdigi rose 0.26 percent, CIMB Group skidded 1.03 percent, Gamuda added 0.62 percent, IHH Healthcare perked 0.14 percent, IOI Corporation spiked 3.04 percent, Kuala Lumpur Kepong rallied 2.13 percent, Maybank slumped 1.13 percent, MISC climbed 1.07 percent, MRDIY retreated 1.21 percent, Petronas Chemicals jumped 2.10 percent, PPB Group soared 3.20 percent, Public Bank shed 0.47 percent, QL Resources advanced 0.89 percent, RHB Bank sank 0.63 percent, Sime Darby gained 0.59 percent, SD Guthrie improved 2.39 percent, Telekom Malaysia collected 0.91 percent, Tenaga Nasional rose 0.42 percent, YTL Corporation dropped 0.92 percent, YTL Power lost 0.81 percent and Press Metal was unchanged.
The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the trading day, ending near session highs.
The Dow jumped 317.30 points or 0.75 percent to finish at 42,515.09, while the NASDAQ rallied 294.39 points or 1.52 percent to close at 19,701.21 and the S&P 500 gained 56.14 points or 0.94 percent to end at 6,033.11.
The rally on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the previous session’s nosedive, which came after Israel launched a series of airstrikes against Iran.
The rebound on Wall Street also came as traders looked ahead to a meeting of major world leaders at the G7 summit in the Canadian Rockies later this week.
The Federal Reserve’s latest monetary policy announcement is also likely to attract attention from traders in the coming days. While the central bank is widely expected to leave interest rates unchanged, the accompanying statement and Fed officials’ latest projections may provide more clarity about the outlook for rates.
Crude oil price fell sharply on Monday after reports that Iran signaled its readiness to end its hostility with Israel. West Texas Intermediate crude oil for July delivery closed down by $1.21 to settle at $71.77 per barrel.
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