The Malaysian stock market has risen for three consecutive sessions, accumulating nearly 25 points or an increase of 1.7 percent during this period. Consequently, the Kuala Lumpur Composite Index (KLCI) now stands slightly above the 1,625-point mark, with expectations of further gains on Tuesday. The global outlook for Asian markets appears cautiously optimistic, bolstered by strength in technology stocks. Both European markets showed an upward trend, while the U.S. markets were mixed, suggesting a positive opening for Asian markets.
On Monday, the KLCI ended modestly higher, propelled by gains in financial shares, plantation stocks, and telecoms. The index added 10.88 points or 0.67 percent to close at 1,627.50, oscillating between 1,618.28 and 1,629.81 throughout the day.
Notable movements among active stocks included:
- Axiata soared by 2.11 percent
- Celcomdigi increased by 2.46 percent
- CIMB Group gained 0.44 percent
- Genting climbed 1.27 percent
- Genting Malaysia edged up 0.73 percent
- IHH Healthcare increased by 0.64 percent
- Kuala Lumpur Kepong rose 0.18 percent
- Maxis advanced 1.88 percent
- Maybank collected 0.71 percent
- MISC improved by 0.12 percent
- MRDIY dropped 1.61 percent
- Petronas Chemicals appreciated by 1.29 percent
- PPB Group rallied 1.32 percent
- Press Metal surged 3.65 percent
- QL Resources decreased 0.30 percent
- RHB Capital and Petronas Gas both added 0.55 percent
- Sime Darby declined 1.05 percent
- Sime Darby Plantations rose by 0.22 percent
- Telekom Malaysia advanced 1.13 percent
- Tenaga Nasional jumped 1.43 percent
- YTL Corporation slipped 0.26 percent
Public Bank, IOI Corporation, and Hong Leong Bank remained unchanged.
On Wall Street, opening and closing figures for major averages were mixed. The Dow Jones Industrial Average fell by 196.82 points or 0.49 percent, closing at 39,806.77. Conversely, the NASDAQ climbed 108.91 points or 0.65 percent, reaching a record high at 16,794.88. Meanwhile, the S&P 500 gained 4.86 points or 0.09 percent, finishing at 5,308.13.
The NASDAQ's ascent was driven by strength in the tech sector, particularly semiconductor stocks, as evidenced by the Philadelphia Semiconductor Index's 2.2 percent rise to a two-month high. Gold stocks also saw significant gains, supported by record-high gold prices, whereas banking and telecom stocks faced declines. The Dow's decline was attributed to profit-taking activities after surpassing the 40,000-point milestone for the first time on Friday.
Oil prices settled lower on Monday, influenced by concerns that the Federal Reserve may maintain higher interest rates for an extended period. West Texas Intermediate Crude oil futures decreased by $0.26 to around $79.80.
