Bargain hunting expected to lift Malaysian stock market


(RTTNews) – The Malaysian stock market ended lower in three consecutive sessions, dropping more than a dozen points or 0.8% in the period. The Kuala Lumpur Composite Index now sits just above the 1,540 plateau, although it should be supported on Tuesday.

The overall outlook for Asian markets is broadly positive, with support expected from financials, oil and telecommunications stocks. European and American markets were up sharply and Asian exchanges are expected to open similarly.

KLCI ended slightly lower on Monday as losses in telecoms and plantations were offset by support from financiers and glove makers.

For the day, the index lost 6.59 points or 0.43% to end at 1,542.53 after trading between 1,540.09 and 1,556.43. The volume was 3.379 billion shares worth 1.88 billion ringgit. There were 546 refusals and 355 refusals.

Among assets, Axiata and IHH Healthcare both added 0.31%, while CIMB Group fell 0.20%, Dialog Group stumbled 1.25%, fell 1.45%, Genting jumped 1.87%, Genting Malaysia rose 0.66%, Hartalega Holdings gained 0.24%, INARI fell 1.96%, IOI Corporation fell 7.27%, Kuala Lumpur Kepong fell 1.78%, Maybank rose 0.22%, Maxis fell 1.11%, MISC rose 0.13%, MRDIY fell 0.58%, PPB Group fell 1, 51%, Press Metal climbed 0.76%. , Public Bank took in 0.44%, Sime Darby slipped 0.87%, Sime Darby Plantations plunged 3.09%, Telekom Malaysia fell 2.24%, Tenaga Nasional fell 0.43% , Top Glove jumped 2.76% and RHB Capital, Petronas Chemicals and Petronas Dagangan were unchanged.

Wall Street’s advance is bullish as major averages opened higher on Monday and broadly accelerated as the day progressed, ending solidly in the green.

The Dow Jones jumped 618.34 points or 1.98% to end at 31,880.24, while the NASDAQ jumped 180.66 points or 1.59% to end at 11,535.27 and the S&P 500 jumped 72.39 points or 1.86% to close at 3,973.75.

Wall Street’s strength came as traders continued to recover stocks to reduced levels, extending the rally seen at the end of last Friday’s trading session.

Buying interest has also been generated in reaction to news that the Shanghai financial hub has lifted some of its COVID-19 related restrictions and US President Joe Biden has said he is considering cutting tariffs on products. Chinese.

Crude oil futures pared initial gains and stabilized on Monday. Oil prices rose earlier in the day on hopes of stronger demand from China, while a weaker dollar also offered support. But prices rose as the day progressed and eventually leveled off with little change.

West Texas Intermediate crude oil futures for July ended at $110.29 a barrel, up a dime from Friday’s close of $110.28 a barrel. The contract hit a high of $111.96 earlier today.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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