(RTTNews) – The Malaysian stock market has closed lower in five consecutive sessions, losing more than 15 points or 1% along the way. The Kuala Lumpur Composite Index now sits just above the 1,510 point plateau, although it could find some ground on Tuesday.
Global forecasts for Asian markets are positive as markets seek to recover from massive sales following discovery of a new strain of coronavirus. European and American markets were up and Asian stock markets are expected to follow suit.
The KLCI ended slightly lower on Monday following plantations losses, glove-makers’ gains and mixed financial and telecoms performance.
For the day, the index fell 1.65 points or 0.11% to end at 1,510.57 after trading between 1,501.51 and 1,516.60. The volume was 6.127 billion shares worth 5.195 billion ringgits. There were 790 decline and 351 winners. Among assets, Axiata climbed 2.05%, while CIMB Group collected 0.20%, Dialog Group gained 0.39%, Digi.com lost 0.48%, Genting plunged 2.97 %, Genting Malaysia lost 2.39%, Hartalega Holdings jumped 13.27%, IHH Healthcare jumped 0.61 percent, IOI Corporation lost 2.93 percent, Kuala Lumpur Kepong fell 2, 04 percent, Maybank sank 0.62 percent, Maxis fell 1.99 percent, MISC added 0.45 percent, MRDIY lost 0.38 percent, Petronas Chemicals fell 2.61 percent, PPB Group fell 0.12 percent, Press Metal fell 6.10%, Public Bank weakened 1.00%, Sime Darby slipped 1.35%, Sime Darby Plantations has stumbled 1.34%, Telekom Malaysia and Hong Leong Bank both fell 0.55%, Tenaga Nasional fell 1.28%, Top Glove climbed 20.83% and RHB Capital and Nestlé were unchanged.
The Wall Street lead is bullish as the major averages opened firmly higher on Monday and remained in the green throughout the trading day.
The Dow Jones climbed 236.60 points or 0.68% to close at 35,135.94, while the NASDAQ jumped 291.18 points or 1.88% to close at 15,782.83 and the S&P 500 gained 60.65 points or 1.32% to finish at 4,655.
The bargain hunt contributed to Wall Street’s strength after Friday’s sharp drop dragged major averages to their lowest closing levels in at least a month. The announcement of a new variant of the coronavirus contributed to the liquidation, with traders fearing the pandemic could continue to weigh on the global economy.
But the South African doctor who treated the first cases of the new variant said BBC countries could panic unnecessarily and the symptoms she had seen were extremely mild.
President Joe Biden also told reporters that the United States does not need to reimpose lockdowns as a result of the new variant, helping to take the actions to new heights.
In US economic news, the National Association of Realtors said pending home sales rebounded much more than expected in October.
Crude oil futures stabilized sharply higher on Monday, rebounding and regaining ground after Friday’s setback as traders waited for OPEC meetings. West Texas Intermediate crude oil futures for January ended up $ 1.80 or 2.6% at $ 69.95 a barrel.
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