Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, gathering more than 20 points or 1.4 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,600-point plateau and it's tipped to open in the green again on Tuesday. The global forecast for the Asian markets is upbeat on renewed optimism over the outlook for interest rates. The European and U.S. markets were firmly higher and the Asian markets are predicted to open in similar fashion. The KLCI finished modestly higher on Monday following gains from the financial shares and mixed performances from the plantations and telecoms. For the day, the index added 7.80 points or 0.49 percent to finish at 1,597.39 after trading between 1,591.17 and 1,598.26. Among the actives, Axiata skidded 1.04 percent, while Celcomdigi and Tenaga Nasional both added 0.49 percent, CIMB Group jumped 1.50 percent, Genting fell 0.22 percent, Genting Malaysia sank 0.38 percent, IHH Healthcare was up 0.16 percent, IOI Corporation retreated 1.47 percent, Kuala Lumpur Kepong dipped 0.17 percent, Maxis shed 0.28 percent, Maybank collected 0.31 percent, MISC eased 0.12 percent, MRDIY rallied 1.19 percent, PPB Group lost 0.25 percent, Press Metal perked 0.19 percent, Public Bank spiked 1.94 percent, QL Resources advanced 0.61 percent, RHB Capital climbed 0.74 percent, Sime Darby tumbled 1.74 percent, Sime Darby Plantations gained 0.23 percent, Telekom Malaysia slid 0.16 percent, YTL Corporation soared 2.45 percent, YTL Power surged 2.51 percent and Petronas Chemicals, Hong Leong Bank and AMMB Holdings were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and remained firmly in the green throughout the trading day.

The Dow advanced 176.59 points or 0.46 percent to finish at 38,852.27, while the NASDAQ rallied 192.92 points or 1.19 percent to close at 16,349.25 and the S&P 500 improved 52.95 points or 1.03 percent to end at 5,180.74.

Stocks continued to benefit from the upward momentum seen over the two previous sessions, which partly reflected renewed optimism about the outlook for interest rates.

Relatively dovish comments from Federal Reserve Chair Jerome Powell combined with weaker-than-expected job growth in April have largely eliminated short-lived concerns the Fed might actually consider raising rates.

Investors have instead grown increasingly confident about a rate cut in the coming months, with the chances rates will be lower by September now at 83.5 percent, according to CME Group's FedWatch Tool.

Crude oil futures settled modestly higher on Monday following Saudi Arabia's decision to hike its selling price for the European and Asian markets. West Texas Intermediate Crude oil futures for June ended higher by $0.37 or 0.47 percent at $78.48 a barrel.