The Malaysian stock market rebounded on Monday, following a pause in its recent two-day winning streak where it had gained over 3 points, making up 0.2 percent. The Kuala Lumpur Composite Index (KLCI) currently hovers just above the 1,595-point mark and shows promise for further gains on Tuesday.
The outlook for Asian markets is optimistic, primarily driven by anticipated strength in technology stocks. While European markets remained steady, U.S. markets demonstrated an upward trend that is expected to influence the Asian markets positively.
On Monday, the KLCI saw a slight improvement, buoyed by gains in financial stocks despite varied performances in the plantation and telecommunications sectors. Specifically, the index increased by 4.79 points, or 0.30 percent, closing at 1,596.20 after fluctuating between 1,592.57 and 1,601.90 during the day.
Among noteworthy stock movements: Axiata surged by 2.14 percent, Celcomdigi edged up 0.28 percent, and Genting rose by 1.67 percent. Genting Malaysia saw an increase of 0.94 percent, while IOI Corporation advanced by 1.06 percent. In contrast, Kuala Lumpur Kepong fell by 0.93 percent and MRDIY decreased by 1.10 percent. Other notable changes included Maybank’s rise of 1.20 percent, Nestle Malaysia’s 0.82 percent increase, and Sime Darby’s significant gain of 1.76 percent. Meanwhile, Telekom Malaysia declined by 1.34 percent, with several stocks such as CIMB Group, YTL Corporation, Sunway, and IHH Healthcare remaining steady.
Wall Street provided positive guidance, with major indices starting flat but eventually climbing into positive territory.
The Dow Jones Industrial Average increased by 66.69 points, or 0.16 percent, ending at 42,906.95. The NASDAQ, heavily influenced by a surge in semiconductor stocks, climbed by 192.29 points, or 0.98 percent, closing at 19,764.88. The S&P 600 ascended by 43.22 points, or 0.73 percent, to finish at 5,974.07. The boost in NASDAQ was further supported by strengths in computer hardware stocks.
Despite these gains, the overall trading volume was relatively low, as traders were seemingly cautious, likely anticipating a subdued week due to the upcoming Christmas Day holiday.
In economic developments, the U.S. Commerce Department reported a larger-than-expected decline in new orders for manufactured durable goods in November. Additionally, the Conference Board observed an unexpected drop in consumer confidence for December.
Oil prices fell on Monday, driven by concerns about potential oversupply in the market and compounded by a stronger dollar. West Texas Intermediate crude oil futures for February saw a decline of $0.26, or 0.3 percent, settling at $69.20 a barrel.
The material has been provided by InstaForex Company -
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