Malaysia Stock Market May See Additional Support On Monday

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day losing streak in which it had slipped almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,685-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished sharply higher on Friday following gains from the financial shares, plantation stocks and industrials.

For the day, the index climbed 16.97 points or 1.02 percent to finish at the daily high of 1,686.54 after trading as low as 1,670.28. Among the actives, 99 Speed Mart Retail strengthened 1.29 percent, while AMMB Holdings perked 0.47 percent, Axiata climbed 1.18 percent, Celcomdigi gained 0.60 percent, CIMB Group advanced 1.12 percent, Gamuda sank 0.21 percent, IHH Healthcare eased 0.12 percent, Kuala Lumpur Kepong increased 0.81 percent, Maybank rallied 2.07 percent, MISC soared 2.63 percent, MRDIY spiked 2.60 percent, Petronas Chemicals accelerated 2.50 percent, Petronas Dagangan added 0.70 percent, Petronas Gas rose 0.55 percent, PPB Group surged 3.58 percent, Press Metal jumped 1.69 percent, Public Bank vaulted 2.00 percent, QL Resources stumbled 1.57 percent, RHB Bank collected 0.51 percent, Sime Darby improved 0.97 percent, SD Guthrie expanded 1.23 percent, Sunway was up 0.36 percent, Telekom Malaysia dipped 0.13 percent, YTL Corporation gathered 0.49 percent and YTL Power, Maxis, Nestle Malaysia, IOI Corporation and Tenaga Nasional were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and remained in the green throughout the trading day, ending near session highs.

The Dow jumped 237.96 points or 0.48 percent to finish at a record 49,504.07, while the NASDAQ rallied 191.33 points or 0.81 percent to end at 23,671.35 and the S&P 500 added 44.82 points or 0.65 percent to close at 6,966.28, also a record.

For the week, the Dow surged 2.3 percent, the NASDAQ jumped 1.9 percent and the S&P climbed 1.6 percent.

The strength on Wall Street reflected a positive reaction to the Labor Department's closely watched report on employment in December. With the report showing employment increased less than expected in December, the data has led to optimism about the outlook for interest rates.

While the Federal Reserve is still widely expected to leave interest rates unchanged at its next meeting later this month, the report has increased confidence in further rate cuts later this year.

Crude oil prices surged on Friday amid near-term supply concerns due to ongoing geopolitical tensions, a decline in U.S. inventories, and OPEC's decision to pause output increases. West Texas Intermediate crude for February delivery was up $1.58 or 2.74 percent at $59.34 per barrel.