(RTTNews) – The Malaysia stock market has finished higher in four straight sessions, gathering almost 35 points or 2.1 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,610-point plateau and it’s looking at another green light again on Tuesday.
The global forecast for the Asian markets is upbeat amid optimism about swifter economic recovery thanks to a drop in new coronavirus cases and improved vaccination drive across the world. The European markets were up and the U.S. bourses were off on holiday and the Asian markets are tipped to open in the green.
The KLCI finished modestly higher on Monday as gains from the financials, plantations and telecoms were capped by weakness from the glove makers.
For the day, the index gained 8.65 points or 0.54 percent to finish at 1,608.07 after trading between 1,607.00 and 1,614.92. Volume was 10.022 billion shares worth 4.688 billion ringgit. There were 864 gainers and 339 decliners.
Among the actives, MISC surged 3.67 percent, while RHB Capital soared 3.01 percent, Genting Malaysia spiked 2.61 percent, IOI Corporation accelerated 2.34 percent, Supermax plummeted 2.24 percent, Axiata jumped 2.04 percent, Hartalega Holdings plunged 1.89 percent, Maybank climbed 1.75 percent, Maxis rallied 1.66 percent, Genting gathered 1.36 percent, Digi.com perked 1.33 percent, Dialog Group advanced 1.29 percent, Tenaga Nasional added 1.19 percent, Sime Darby sank 0.90 percent, Petronas Chemicals gained 0.80 percent, CIMB Group collected 0.72 percent, Public Bank dropped 0.71 percent, Press Metal shed 0.58 percent, Telekom Malaysia rose 0.45 percent, Kuala Lumpur Kepong increased 0.35 percent, Sime Darby Plantations was up 0.20 percent, IHH Healthcare fell 0.19 percent and Top Glove eased 0.16 percent.
With Wall Street off for President’s Day, the lead from Europe is solid as stocks opened higher on Monday and strengthened as the day progressed.
The U.K.’s FTSE 100 ended stronger by 2.52 percent, France’s CAC 40 moved up 1.45 percent and Germany’s DAX gained 0.42 percent, while Switzerland’s SMI advanced 0.56 percent.
European stocks ended higher on rising optimism about rapid economic recovery amid expectations of additional stimulus packages and on hopes of faster rollout of coronavirus vaccines across the world.
Energy stocks were in demand as oil prices surged higher amid an escalation in tensions in the Middle East. Shares from banking and technology sectors too ended mostly higher.