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Shutterstock photo(RTTNews.com) – The Malaysia stock market has ticked higher in back-to-back trading days, gathering almost a dozen points or 0.6 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,835-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets is positive thanks to optimism that the U.S. government shutdown will end soon, plus a mild bump in crude oil prices. The European markets were mixed and little changed and the U.S. markets higher – and the Asian bourses figure to follow the latter lead.
The KLCI finished slightly higher on Monday as gains from the financials and plantations were capped by weakness from the industrials.
Among the actives, British American Tobacco plummeted 3.03 percent, while Astro Malaysia Holdings spiked 1.56 percent, Genting Malaysia jumped 1.47 percent, IJM Corporation climbed 1.33 percent, Petronas Chemicals tumbled 1.23 percent, Petronas Gas skidded 1.10 percent, Digi.com advanced 1.03 percent, CIMB Group collected 0.88 percent, Telekom Malaysia shed 0.83 percent, Public Bank added 0.29 percent, IOI Corporation gained 0.21 percent, Axiata was up 0.18 percent and PPB Group, Sime Darby, Maybank, Tenaga Nasional, YTL Corporation and MISC all were unchanged.
The lead from Wall Street is firm as stocks moved mostly higher on Monday, extending last week’s strong upward move and lifting the major averages to new record closing highs.
The Dow added 142.88 points or 0.55 percent to 26,214.60, while the NASDAQ jumped 71.65 points or 0.98 percent to 7,408.03 and the S&P 500 gained 22.67 points or 0.81 percent to 2,832.97.
Traders had little response to the government shutdown but saw further upside amid signs it will soon be resolved. Both sides blamed each other for the government shutdown, which marks the first official shutdown since October of 2013.
Crude oil prices inched higher Monday after a top Saudi official said that OPEC should extend its supply quota plan beyond this year. March WTI oil climbed 26 cents or 0.4 percent to $63.57/bbl; February WTI oil gained 25 cents or 0.4 percent to $63.62/bbl.
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