The Malaysian stock market has been on an uptrend for four consecutive sessions, accumulating over 25 points or 1.7%. The Kuala Lumpur Composite Index is situated just under the 1,560 point level and is predicted to make further gains. Global forecasts indicate a positive outlook for Asian markets, with investors potentially seeking bargains among technology stocks following last week's sell-off. European and American markets have seen an upturn, a trend Asian markets are likely to follow.
The Kuala Lumpur Composite Index (KLCI) saw another moderate rise on Monday, led by financial shares, telecommunications, and plantations. The index ended the day with a 12.02 point or 0.78% increase, closing at 1,559.59 after trading between 1,548.38 and 1,559.94. Among the prominent players, Axiata saw a 2.75% surge, Celcomdigi jumped by 1.73%, and CIMB Group improved by 0.91%. Meanwhile, MRDIY accelerated by 2.05% while Petronas Chemicals decreased slightly, dropping 0.29%.
The positive trend from Wall Street was apparent on Monday as well, with major indices opening higher and remaining consistent. The Dow Jones rallied 253.58 points or 0.67%, ending at 38,239.98, while NASDAQ increased by 1.11% and the S&P 500 gained 0.87%.
This positive progression was sparked by alleviating concerns about escalating Middle East conflict following proportioned counterattacks between Iran and Israel. Consequently, investors began to purchase ahead of upcoming U.S. economic data releases on new home sales, durable goods orders, and personal income and expenses. Companies such as Tesla, Boeing, IBM, Caterpillar, Honeywell, Alphabet, Intel, Microsoft, Chevron, and Exxon Mobil will also be announcing their quarterly results in the current week.
On the other hand, oil prices saw a slight downturn. Concerns about global oil demand projections, coupled with a significant increase in U.S. crude inventories, impacted prices negatively. West Texas Intermediate Crude oil futures for May dropped by 0.34%, finishing at $82.85 a barrel.
