On Monday, the Malaysian stock market halted a two-day decline during which it had dropped nearly 20 points, equivalent to a 1.2 percent decrease. The Kuala Lumpur Composite Index is now positioned slightly above the 1,600 mark and is expected to maintain positive momentum on Tuesday. The global forecast for Asian markets is cautiously optimistic, with an anticipated upswing led primarily by technology and oil sectors. Recent trends in European and U.S. markets, which have mostly seen upward movements, suggest that Asian bourses are likely to open higher as well.
On Monday, the KLCI experienced a modest rise, buoyed by gains in the telecommunications and plantations sectors, although the financial and industrial sectors showed mixed results. The index closed up by 11.60 points, or 0.73 percent, ending the day at 1,604.04, with trades fluctuating between 1,591.49 and 1,605.41. Key performers included Axiata, which rallied 1.34 percent, while Celcomdigi rose by 1.20 percent and CIMB Group increased by 0.24 percent. Other notable movements were Genting's 0.53 percent increase, Genting Malaysia's 1.42 percent rise, and IOI Corporation's 1.53 percent acceleration. Telecommunications company Maxis saw a significant surge of 3.78 percent. In contrast, Maybank decreased by 0.19 percent, while MISC fell 0.66 percent. Press Metal experienced a remarkable 6.59 percent increase, highlighting its strong performance for the day.
Turning to Wall Street, the prevailing sentiment suggests modest upward movements. On Monday, the major indices opened on different sides of the spectrum but maintained narrow trading ranges before ending with mixed results. The Dow decreased by 55.39 points, or 0.13 percent, closing at 43,389.60. Meanwhile, the NASDAQ gained 111.69 points, or 0.60 percent, to reach 18,791.81, and the S&P 500 climbed 23.00 points, or 0.39 percent, concluding the day at 5,893.62.
The strength observed on Wall Street was largely driven by bargain hunting, as investors sought to acquire stocks at lower prices following last week's significant declines amid ongoing concerns about interest rate prospects.
In U.S. economic developments, the National Association of Home Builders reported a much stronger-than-expected improvement in homebuilder confidence for November, reaching its highest level since April.
Oil prices saw an upswing on Monday, amid concerns over potential supply shortages due to the intensified conflict between Russia and Ukraine, coupled with the impact of a weaker dollar. West Texas Intermediate Crude oil futures for December concluded the day $2.14 higher, or 3.2 percent, settling at $69.16 per barrel.
Closer to Malaysia, the country is set to release October's figures for imports, exports, and trade balance later in the day. For September, imports had risen by 10.9 percent year-on-year, while exports had decreased by 0.3 percent annually, resulting in a trade surplus of MYR13.20 billion.
