Malaysia Stock Market May Extend Winning Streak

(RTTNews) - The Malaysia stock market has tracked higher in four consecutive trading days, collecting almost 50 points or 2.8 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,750-point plateau and it may add to its winnings again on Tuesday. The global forecast for the Asian markets suggests mild upside ahead of the U.S. rate decision later this week. The European markets were mixed and little changed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The KLCI finished sharply higher on Monday following gains from the financial shares, plantation stocks and telecoms. For the day, the index jumped 24.08 points or 1.40 percent to finish at 1,744.07 after trading between 1,721.63 and 1,746.98. Among the actives, 99 Speed Mart Retail perked 0.26 percent, while AMMB Holdings improved 1.24 percent, Axiata strengthened 1.63 percent, Celcomdigi sank 0.60 percent, CIMB Group spiked 3.86 percent, Gamuda increased 1.10 percent, IHH Healthcare gained 0.70 percent, IOI Corporation picked up 0.50 percent, Kuala Lumpur Kepong eased 0.10 percent, Maybank collected 1.23 percent, MISC climbed 1.52 percent, MRDIY soared 3.87 percent, Nestle Malaysia rose 0.69 percent, Petronas Chemicals tumbled 1.18 percent, Petronas Dagangan added 0.86 percent, PPB Group gathered 0.54 percent, Press Metal rallied 2.02 percent, Public Bank jumped 1.88 percent, QL Resources surged 5.46 percent, RHB Bank vaulted 1.72 percent, Sime Darby dropped 0.92 percent, SD Guthrie accelerated 2.63 percent, Sunway expanded 1.60 percent, Telekom Malaysia was up 0.38 percent, Tenaga Nasional advanced 1.30 percent, YTL Corporation plummeted 3.51 percent, YTL Power plunged 2.61 percent and Maxis and Petronas Gas were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained modestly in the green throughout the session. The Dow jumped 313.69 points or 0.64 percent to finish at 49,412.40, while the NASDAQ climbed 100.11 points or 0.43 percent to end at 23,601.36 and the S&P 500 added 34.62 points or 0.50 percent to close at 6,950.23.

The strength on Wall Street comes ahead of the Federal Reserve's monetary policy announcement on Wednesday. While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the outlook for rates.

Traders are also keeping an eye on the latest geopolitical developments, with President Donald Trump threatening to impose a 100 percent tariff on goods from Canada over a potential free trade deal with China.

The U.S. government is also facing the possibility of another shutdown, as several Democratic senators have threatened to oppose a spending bill if it includes appropriations for the Department of Homeland Security. This comes after federal immigration agents shot and killed another U.S. citizen in Minneapolis over the weekend.

Crude oil prices slid on Monday following the resumption of production in Kazakhstan, although geopolitical tensions in the Middle East limited the decline. West Texas Intermediate crude for March delivery was down by $0.42 or 0.69 percent at $60.65 per barrel.