(RTTNews) – The Malaysia stock market bounced higher again on Monday, one session after snapping the four-day winning streak in which it had advanced almost 20 points or 1.2 percent The Kuala Lumpur Composite Index now rests just above the 1,530-point plateau although it figures to head south again on Tuesday.
The global forecast for the Asian markets is mixed to lower on sliding oil prices and profit taking among the technology stocks. The European markets were up and the U.S. bourses were mostly lower and the Asian markets figure to follow the latter lead.
The KLCI finished modestly higher on Monday following gains from the glove makers and plantations, while the financials were mixed.
For the day, the index gained 7.89 points or 0.52 percent to finish at 1,530.65 after trading between 1,525.23 and 1,535.12. Volume was 3.08 billion shares worth 2.30 billion ringgit. There were 539 gainers and 383 decliners.
Among the actives, Top Glove skyrocketed 8.29 percent, while Hartalega Holdings surged 4.11 percent, MRDIY soared 2.56 percent, IOI Corporation spiked 2.41 percent, Sime Darby Plantations accelerated 1.42 percent, Press Metal jumped 1.29 percent, Maxis tumbled 1.16 percent, Petronas Chemicals rallied 1.00 percent, PPB Group retreated 0.98 percent, Maybank climbed 0.85 percent, Dialog Group skidded 0.74 percent, Genting advanced 0.68 percent, Tenaga Nasional and Hong Leong Financial both added 0.66 percent, INARI gained 0.62 percent, Hong Leong Bank rose 0.61 percent, Axiata and Digi.com both sank 0.52 percent, Sime Darby shed 0.45 percent, Genting Malaysia lost 0.36 percent, Public Bank fell 0.24 percent, Telekom Malaysia slumped 0.20 percent, RHB Capital was up 0.18 percent, IHH Healthcare dipped 0.15 percent, Kuala Lumpur Kepong eased 0.09 percent and MISC and CIMB Group were unchanged.
The lead from Wall Street ends up negative as the markets opened mixed on Monday, saw wild swings on either side of the unchanged line before finally ending mostly lower.
The Dow rose 1.39 points or 0.00 percent to finish at 35,091.13, while the NASDAQ sank 82.34 points or 0.58 percent to close at 14,015.67 and the S&P 500 slipped 16.66 points or 0.37 percent to end at 4,483.87.
Shares of Facebook parent Meta Platforms fell more than 5 percent on reports that a company has threatened to remove the social media platform from the European Union. Microsoft, Merck, Walmart and Salesforce.com also ended notably lower.
Boeing rallied more than 2.5 percent, while Tyson Foods, Chevron, American Express, Walgreens Boots Alliance, Coca-Cola and Caterpillar also closed on a positive note.
Crude oil futures retreated Monday amid signs that nuclear talks between the U.S. and Iran are moving in a positive way, so there could be a removal of U.S. sanctions on Iranian oil sales. West Texas Intermediate Crude oil futures for March ended lower by $0.99 or 1.1 percent at $91.32 a barrel.
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