Malaysia Stock Market May Extend Monday's Gains

(RTTNews) - The Malaysia stock market bounced higher again on Monday, one session after snapping the three-day winning streak in which it had jumped almost 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,435-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is a study in contrasts, with gains among oil stocks likely offset by weakness among the technology shares. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The KLCI finished modestly higher on Monday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index improved 10.80 points or 0.76 percent to finish at the daily high of 1,433.39 after moving as low as 1,426.77.

Among the actives, Axiata surged 3.65 percent, while CIMB Group fell 0.19 percent, Dialog Group added 0.85 percent, Digi.com dropped 0.92 percent, Genting strengthened 1.50 percent, Genting Malaysia accelerated 1.89 percent, IHH Healthcare gained 0.52 percent, INARI soared 2.44 percent, IOI Corporation sank 0.26 percent, Kuala Lumpur Kepong advanced 1.15 percent, Maybank collected 1.17 percent, Maxis lost 0.24 percent, MISC jumped 1.52 percent, MRDIY skyrocketed 6.45 percent, Petronas Chemicals spiked 1.98 percent, PPB Group perked 0.24 percent, Press Metal improved 1.23 percent, RHB Capital gathered 0.18 percent, Sime Darby rallied 1.86 percent, Sime Darby Plantations rose 0.47 percent, Telekom Malaysia climbed 1.43 percent, Tenaga Nasional was up 0.11 percent and Public Bank was unchanged.

The lead from Wall Street is incongruous as the Dow and S&P opened higher and finished the same way, while the NASDAQ opened in the red and remained there throughout the session.

The Dow surged 327.00 points or 0.98 percent to finish at 33,601.15, while the NASDAQ dropped 32.45 points or 0.27 percent to end at 12,189.45 and the S&P 500 added 15.20 points or 0.37 percent to close at 4,124.51.

The strength on Wall Street rose the back of the energy sector as crude oil prices surged, while technology stocks ebbed on fears over the outlook for interest rates.

Oil prices rose sharply on Monday, buoyed by the decision of OPEC+ oil producers to cut output by around 1.16 million barrels per day. West Texas Intermediate Crude oil futures for May ended higher by $4.75 or 6.3 percent at $80.42 a barrel.

In economic news, the Institute for Supply Management said manufacturing activity in the U.S. contracted at a slightly faster rate in March. Also, the Commerce Department unexpectedly showed a slight decrease in U.S. construction spending in February.