The Malaysia stock market has moved higher in back-to-back trading days, collecting more than 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,510-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets is mixed to higher, with strength from the technology stocks likely capped by weakness from the oil companies. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.
The KLCI finished modestly higher on Monday as strong gains from the rubber glove makers were capped by weakness from the financial shares and plantation stocks.
For the day, the index added 6.51 points or 0.43 percent to finish at 1,511.36 after trading between 1,506.41 and 1,515.66. Volume was 9.570 billion shares worth 6.465 billion ringgit. There were 806 gainers and 329 decliners.
Among the actives, Top Glove skyrocketed 10.57 percent, while Hartalega Holdings surged 4.50 percent, IHH Healthcare plummeted 3.64 percent, Genting Malaysia plunged 2.71 percent, Malaysia Airports Holdings soared 2.39 percent, Maybank tanked 2.28 percent, Tenaga Nasional tumbled 2.10 percent, Genting skidded 1.72 percent, AMMB Holdings spiked 1.00 percent, MISC accelerated 0.93 percent, Dialog Group jumped 0.82 percent, Kuala Lumpur Kepong and Petronas Chemicals both sank 0.71 percent, Axiata dropped 0.65 percent, CIMB Group shed 0.63 percent, PPB Group lost 0.54 percent, Sime Darby added 0.44 percent, Public Bank fell 0.25 percent, Sime Darby Plantations and Maxis both slid 0.20 percent, Press Metal rose 0.19 percent and RHB Capital, IOI Corporation, Digi.com and Hong Leong Bank were unchanged.
The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Monday, regaining some ground after taking heavy damage last week.
The Dow spiked 327.69 points or 1.18 percent to finish at 27,993.33, while the NASDAQ jumped 203.11 points or 1.25 percent to end at 11,056.65 and the S&P 500 gained 42.57 points or 1.27 percent to close at 3,383.54.
The rally on Wall Street partly reflected a rebound by technology stocks, which recovered after leading the markets lower last week. Apple (AAPL) has been a key driver of the markets in recent sessions and advanced by 3 percent after ending the previous session at its lowest closing level in a month.
Positive sentiment was also generated in reaction to news that AstraZeneca (AZN) has resumed a late-stage clinical trial of its coronavirus vaccine.
Crude oil futures settled lower Monday, extending recent losses amid rising concerns about outlook for energy demand after OPEC lowered its oil demand forecast. West Texas Intermediate Crude oil futures for October ended down $0.07 or 0.2 percent at $37.26 a barrel.
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