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Shutterstock photo(RTTNews.com) – The Malaysia stock market on Monday ended the modest two-day winning streak in which it had collected not quite 3 points or 0.1 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,720-point plateau although it’s tipped to find renewed support on Tuesday.
The global forecast for the Asian markets remains upbeat as a rate hike Wednesday from the FOMC has already largely been priced in. A jump in crude oil prices adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The KLCI finished slightly lower on Monday following losses from the financial shares and plantation stocks.
Among the actives, Sime Darby plummeted 2.75 percent, while YTL Corporation tumbled 2.54 percent, Astro Malaysia Holdings skidded 1.84 percent, Genting dropped 0.91 percent, Genting Malaysia climbed 0.76 percent, IHH Healthcare advanced 0.71 percent, Telekom Malaysia shed 0.66 percent, IOI Corporation lost 0.45 percent, Maybank fell 0.22 percent, CIMB Group dipped 0.17 percent, Petronas Chemicals and Tenaga Nasional both eased 0.13 percent and Axiata, Public Bank and Petronas Dagangan were unchanged.
The lead from Wall Street is firm as stocks moved mostly higher on Monday, allowing the Dow and the S&P 500 to hit fresh record closing highs.
The Dow rose 56.87 points or 0.23 percent to 24,386.03, while the NASDAQ advanced 35.00 points or 0.51 percent to 6,875.08 and the S&P 500 climbed 8.49 points or 0.32 percent to 2,659.99.
Traders were reluctant to make significant moves ahead of the Federal Reserve’s monetary policy announcement on Wednesday.
With the Fed widely expected to raise interest rates by a quarter-point, traders are likely to keep a close eye on the accompanying statement as well as outgoing Fed Chair Janet Yellen’s press conference for clues about the outlook for future rate hikes.
Crude oil prices rose Monday to their highest levels in a week. January WTI oil gained 63 cents or 1.1 percent to $57.99/bbl, moving back toward recent two-year highs near $60.
Closer to home, Malaysia will see October data for industrial and manufacturing production later today; in September, they were up an annual 4.7 percent and 5.7 percent, respectively.
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