The Malaysia stock market on Monday snapped the two-day winning streak in which it had gathered almost a dozen points or 0.8 percent. The Kuala Composite Index now rests just beneath the 1,585-point plateau although it figures to bounce higher again on Tuesday.
The global forecast for the Asian markets is upbeat, although the upside may be limited since they’ve already had the chance to respond to most of the catalysts, while plummeting oil proves may also cap the gains. Most European markets were closed and the U.S. bourses were sharply higher and the Asian markets also figure to open in the green.
The KLCI finished barely lower on Monday following losses from the glove makers and mixed performances from the financials and plantations.
For the day, the index eased 1.11 points or 0.07 percent to finish at 1,584.24 after trading between 1,582.20 and 1,590.67. Volume was 7.841 billion shares worth 2.802 billion ringgit. There were 542 gainers and 532 decliners.
Among the actives, Axiata surged 1.35 percent, while CIMB Group tumbled 1.36 percent, Dialog Group plunged 1.61 percent, Digi.com soared 1.10 percent, Genting Malaysia climbed 0.64 percent, Hartalega Holdings sank 0.33 percent, IHH Healthcare accelerated 0.76 percent, IOI Corporation lost 0.24 percent, Kuala Lumpur Kepong skidded 0.61 percent, Maybank spiked 1.09 percent, Maxis jumped 0.67 percent, MISC rallied 0.74 percent, Petronas Chemicals eased 0.13 percent, PPB Group gained 0.32 percent, Press Metal fell 0.20 percent, Public Bank retreated 0.47 percent, RHB Capital collected 0.19 percent, Sime Darby advanced 0.42 percent, Sime Darby Plantations rose 0.21 percent, Supermax plummeted 3.04 percent, Telekom Malaysia added 0.33 percent, Tenaga Nasional declined 0.39 percent, Top Glove tanked 1.47 percent and Genting and Nestle were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and saw the gains accelerate at the session progressed.
The Dow climbed 373.98 points or 1.13 percent to finish at 33,527.19, while the NASDAQ jumped 225.49 points or 1.67 percent to end at 13,705.59 and the S&P 500 rallied 58.04 points or 1.44 percent to close at 4,077.91.
The rally on Wall Street came as traders finally had an opportunity to react to the much stronger than expected monthly jobs report, which was released while the markets were closed on Friday.
Stocks saw further upside when the Institute for Supply Management said its reading on activity in the service sector soared to an all-time high in March.
Crude oil prices sank sharply Monday, weighed down by the decision from major oil producers to increase production beginning in May. West Texas Intermediate Crude oil futures for May dropped $2.80 or 4.6 percent at $58.65 a barrel.
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