Rebound Predicted For Malaysia Stock Market

The Malaysia stock market turned lower again on Monday, one session after it had halted the three-day slide in which it had stumbled more than 55 points or 3.2 percent. The Kuala Lumpur Composite Index remains just above the 1,555-point plateau, although it may bounce higher on Tuesday.

The global forecast for the Asian markets remains upbeat following last week’s better than expected employment data from the United States. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The KLCI finished slightly lower on Monday following mixed performances from the financials, plantations and telecoms.

For the day, the index eased 1.21 points or 0.07 percent to finish at 1,755.17 after trading between 1,745.75 and 1,761.61. Volume was 2.75 billion shares worth 2.8 billion ringgit. There were 477 gainers and 444 decliners.

Among the actives, AMMB Holdings surged 4.43 percent, while IJM Corporation soared 4.09 percent, MISC spiked 2.91 percent, Telekom Malaysia plummeted 1.90 percent, Petronas Chemicals jumped 1.48 percent, Genting Malaysia climbed 1.40 percent, IHH Healthcare advanced 1.33 percent, Tenaga Nasional tumbled 1.10 percent, skidded 0.67 percent, Maybank dropped 0.60 percent, YTL Corporation shed 0.52 percent, IOI Corporation lost 0.43 percent, Public Bank collected 0.08 percent and Axiata, CIMB Group and Sime Darby were unchanged.

The lead from Wall Street is firm as stocks opened higher Monday and stayed that way throughout the session, allowing the NASDAQ to hit a new record closing high.

The Dow added 178.48 points or 0.72 percent to 24,813.69, the NASDAQ climbed 52.13 points or 0.69 percent to 7,606.46 and the S&P 500 rose 12.25 points or 0.45 percent to 2,746.87.

The strength on Wall Street came as traders continued to react positively to Friday’s better than expected employment data that saw the jobless rate sink

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