(RTTNews) – The Malaysia stock market has moved higher in two sessions, gathering more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,550-point plateau although the rally may stall on Tuesday.
The global forecast for the Asian markets is negative on concerns over the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The KLCI finished modestly higher on Monday following gains from the glove makers and financials, while the telecoms were soft and the plantations were mixed. For the day, the index added 7.06 points or 0.46 percent to finish at the daily high of 1,550.17 after trading as low as 1,540.31. There were 523 decliners and 462 gainers, with 399 stocks finishing unchanged. Among the actives, Axiata declined 1.04 percent, while CIMB Group soared 3.85 percent, Digi.com shed 0.75 percent, Genting and Maxis both gained 0.22 percent, Genting Malaysia fell 0.35 percent, Hartalega Holdings surged 4.27 percent, IHH Healthcare sank 0.89 percent, INARI plummeted 3.85 percent, Kuala Lumpur Kepong lost 0.73 percent, Maybank added 0.24 percent, MISC dropped 1.00 percent, MRDIY advanced 0.53 percent, Petronas Chemicals and Hong Leong Financial both jumped 1.25 percent, PPB Group retreated 1.10 percent, Press Metal spiked 2.26 percent, Public Bank collected 0.48 percent, RHB Capital climbed 0.55 percent, Sime Darby Plantations accelerated 2.03 percent, Telekom Malaysia tumbled 1.12 percent, Tenaga Nasional dipped 0.33 percent, Top Glove rallied 1.21 percent and Dialog Group, IOI Corporation and Sime Darby were unchanged.
The lead from Wall Street is mostly soft as the major averages opened sharply lower on Monday. They showed improvement as the session progressed, with the NASDAQ creeping up over the unchanged line.
The Dow dropped 162.79 points or 0.45 percent to finish at 36,068.87, while the NASDAQ rose 6.93 points or 0.05 percent to close at 14,942.83 and the S&P 500 dipped 6.74 points or 0.14 percent to end at 4,670.29.
The early weakness on Wall Street reflected lingering concerns about the economic impact of the Omicron variant of the coronavirus and the likelihood the Federal Reserve will raise interest rates in the near future.
Treasury yields have moved sharply higher in recent sessions, with the yield on the benchmark ten-year note reaching its highest levels since January of 2020.
The jump in yields comes amid a more hawkish tone from the Fed after the minutes of the central bank’s latest meeting indicated plans to accelerate monetary policy normalization.
Crude oil prices drifted lower Monday on concerns about the outlook for energy demand due to the rapid surge in the Omicron variant of the coronavirus across the globe. A firm dollar amid rising prospects for a series of interest rate hikes weighed as well on crude oil prices. West Texas Intermediate Crude futures for February slipped $0.67 or 0.9 percent at $78.23 a barrel.