Malaysia Bourse May Extend Monday's Gains

(RTTNews) - The Malaysia stock market on Monday ended the two-day slide in which it had slipped more than 5 points or 0.3 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,620-point plateau and it may add to its winnings on Tuesday. The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil sectors. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The KLCI finished slightly higher on Monday following gains from the financials, weakness from the telecoms and industrials and a mixed picture from the plantation stocks. For the day, the index rose 1.21 points or 0.07 percent to finish at 1,618.78 after trading between 1,609.88 and 1,621.26. Among the actives, 99 Speed Mart Retail spiked 4.19 percent, while AMMB Holdings vaulted 1.04 percent, Axiata stumbled 2.55 percent, Celcomdigi rose 0.30 percent, CIMB Group was up 0.13 percent, Gamuda added 0.55 percent, IHH Healthcare lost 0.49 percent, IOI Corporation climbed 0.74 percent, Kuala Lumpur Kepong improved 0.58 percent, Maxis soared 5.57 percent, Maybank gathered 0.20 percent, MISC dipped 0.13 percent, MRDIY surged 5.77 percent, Petronas Chemicals cratered 10.15 percent, Petronas Dagangan eased 0.10 percent, Petronas Gas increased 0.22 percent, PPB Group perked 0.18 percent, Press Metal gained 0.46 percent, Public Bank collected 0.47 percent, QL Resources rallied 2.33 percent, RHB Bank advanced 0.72 percent, Sime Darby shed 0.50 percent, SD Guthrie tumbled 1.67 percent, Sunway jumped 1.08 percent, Telekom Malaysia sank 0.68 percent, Tenaga Nasional fell 0.46 percent, YTL Corporation plummeted 6.10 percent, YTL Power plunged 3.76 percent and Nestle Malaysia was unchanged.

The lead from Wall Street is strong as the major averages opened mixed on Monday but quickly turned higher and accelerated throughout the day, ending near session highs.

The Dow advanced 202.86 points or 0.44 percent to finish at 26,448.27, while the NASDAQ surged 598.92 points or 2.69 percent to end at 22,872.01 and the S&P 500 climbed 102.13 points r 1.55 percent to close at 6,705.12.

The rally on Wall Street came as traders continued to pick up stocks at relatively reduced levels after concerns about valuations and the outlook for interest rates weighed on the markets for much of last week.

Positive sentiment may also have been generated amid signs of progress toward an agreement to end the protracted war between Russia and Ukraine.

Semiconductor stocks led the way higher, with the Philadelphia Semiconductor Index soaring by 4.4 percent. Computer hardware and networking stocks are also seeing substantial strength, contributing to the surge by the tech-heavy NASDAQ.

Crude oil prices surged on Monday, supported by a positive economic outlook and more demand growth. West Texas Intermediate crude for January delivery was up $0.73 or 1.26 percent at $58.79 per barrel.