The Malaysian stock market has continued its upward trajectory for the third consecutive day, gaining nearly 25 points, or 1.7 percent. The Kuala Lumpur Composite Index (KLCI) now hovers just above the 1,580 mark, with expectations of further ascension when trading resumes on Wednesday.
Globally, the forecast for Asian markets looks promising, bolstered by renewed optimism surrounding interest rate predictions. Following positive closures in the European and U.S. markets, Asian markets are anticipated to echo this performance.
On Tuesday, the KLCI experienced modest gains driven by advances in telecommunications and industrial sectors, while financial and plantation stocks showed mixed results. The index recorded an increase of 8.12 points or 0.52 percent, closing at 1,580.46, after fluctuating between 1,570.97 and 1,582.32 throughout the trading session.
Among noteworthy movements, Axiata increased by 0.44 percent, Celcomdigi advanced by 0.53 percent, while CIMB Group fell by 0.75 percent. Gamuda rose by 0.92 percent, IHH Healthcare climbed 0.28 percent, and IOI Corporation declined by 0.80 percent. Kuala Lumpur Kepong dropped 1.08 percent, Maxis decreased by 1.65 percent, while MISC gained 0.42 percent. MRDIY surged 2.94 percent, Nestle Malaysia edged lower by 0.13 percent, Petronas Chemicals dropped 1.05 percent, and Petronas Gas fell 1.61 percent. PPB Group ticked up 0.17 percent, while Press Metal saw a notable rise of 4.02 percent. Public Bank strengthened by 1.39 percent, and QL Resources rose by 0.87 percent, while RHB Bank edged up 0.16 percent. Sime Darby increased by 0.45 percent, SD Guthrie jumped 1.66 percent, and Sunway surged 5.44 percent. Telekom Malaysia posted a 2.32 percent gain, and YTL Corporation soared 6.28 percent. YTL Power experienced a spike of 3.08 percent. Meanwhile, Maybank, 99 Speed Mart Retail, and Hong Leong Financial remained unchanged.
Wall Street offered an encouraging lead, as major indices opened higher on Tuesday and retained strength throughout the session. The Dow Jones Industrial Average leaped 537.98 points, or 1.24 percent, to 44,025.81, while the NASDAQ increased by 126.58 points, or 0.64 percent, closing at 19,756.78. The S&P 500 gained 52.58 points, or 0.88 percent, concluding at 6,049.24.
U.S. stocks enjoyed a robust performance, as investors gauged the potential impacts of the Trump administration's economic strategies and prospective tariff measures. Optimism regarding potential Federal Reserve interest rate cuts this year, coupled with a decline in treasury yields, further propelled the market upwards.
The recent easing of treasury yields was fueled by fresh optimism about interest rate outlooks following recent U.S. inflation data. Conversely, oil prices experienced a downturn on Tuesday, influenced by plans from the Trump administration to increase U.S. oil and gas production. West Texas Intermediate crude oil futures for February ended the day at $75.89 a barrel, down by $1.99, or 2.56 percent.
