(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, collecting almost 10 points or 0.7 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,600-point plateau and it may add to its winnings again on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KLCI finished modestly higher on Monday following gains from the financial shares and mixed performances from the plantations, industrials and telecoms.
For the day, the index added 7.67 points or 0.48 percent to finish at 1,597.45 after trading between 1,588.46 and 1,609.29.
Among the actives, Axiata rose 0.43 percent, while Celcomdigi lost 0.28 percent, CIMB Group spiked 1.95 percent, Genting climbed 1.32 percent, Genting Malaysia declined 1.41 percent, IHH Healthcare plunged 2.64 percent, IOI Corporation dropped 0.52 percent, Kuala Lumpur Kepong perked 0.28 percent, Maxis strengthened 1.42 percent, Maybank collected 0.98 percent, MISC fell 0.13 percent, MRDIY and Hong Leong Financial both gained 0.54 percent, Nestle Malaysia tanked 2.56 percent, Petronas Chemicals tumbled 2.44 percent, Petronas Dagangan retreated 1.69 percent, PPB Group plummeted 4.55 percent, Press Metal sank 0.43 percent, Public Bank jumped 1.60 percent, QL Resources skidded 1.03 percent, RHB Bank rallied 1.69 percent, Sime Darby slumped1.32 percent, SD Guthrie stumbled 1.85 percent, Sunway advanced 0.60 percent, Telekom Malaysia shed 0.31 percent, Tenaga Nasional gathered 0.29 percent, YTL Corporation soared 4.52 percent and YTL Power surged 5.52 percent.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the S&P 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
