Malaysian Stock Market Poised for Potential Gains on Tuesday
🌐 Monday Mingle in the Markets:
Stock market excitement continued in Malaysia on Monday, a day after the index slipped from its two-day winning streak that netted a 10-point gain or 0.6%. The Kuala Lumpur Composite Index (KLCI) is just shy of the 1,520-point mark, set to open green again.
Global market sentiments are breathing positive vibes, all thanks to the hope of an end to hostilities between Israel and Iran. European and U.S. markets danced to an uptempo beat, and Asia seems eager to follow suit.
On Monday, the KLCI inched higher, with plantation and telecom sectors contributing positively, but the financial sector weighed it down. For the day, the index gained 1.88 points or 0.12%, closing at 1,519.99 after trading between 1,512.26 and 1,521.38.
99 Speed Mart Retail stumbled by 2.31%, while Axiata soared 4.37%, Celcomdigi rose 0.26%, CIMB Group skidded 1.03%, Gamuda added 0.62%, IHH Healthcare perked 0.14%, IOI Corporation spiked 3.04%, Kuala Lumpur Kepong rallied 2.13%, Maybank slumped 1.13%, MISC climbed 1.07%, MRDIY retreated 1.21%, Petronas Chemicals jumped 2.10%, PPB Group soared 3.20%, Public Bank shed 0.47%, QL Resources advanced 0.89%, RHB Bank sank 0.63%, Sime Darby gained 0.59%, SD Guthrie improved 2.39%, Telekom Malaysia collected 0.91%, Tenaga Nasional rose 0.42%, YTL Corporation dropped 0.92%, YTL Power lost 0.81%, and Press Metal remained steady.
The mood on Wall Street was upbeat on Monday as the major averages started higher and continued their upward journey, closing near daily highs. The Dow celebrated a 317.30-point or 0.75% rise, finishing at 42,515.09, the NASDAQ galloped 294.39 points or 1.52% to culminate at 19,701.21, and the S&P 500 bounced up 56.14 points or 0.94%, settling at 6,033.11.
The upsurge on Wall Street came as traders eyed attractive stock deals following the previous session’s downward trend, triggered by Israel’s airstrikes on Iran. The optimistic sentiment on Wall Street also brewed ahead of the G7 summit later this week, gathering global leaders in the Canadian Rockies.
The upcoming meeting of major central bank leaders may ignite trader interest, even though rate hikes are anticipated. The accompanying statement and central bank officials' projections might provide useful insights about the rates outlook.
Crude oil prices took a hit on Monday following news of Iran signaling a willingness to de-escalate tensions with Israel. West Texas Intermediate crude oil for July delivery fell by $1.21 to settle at $71.77 per barrel.
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In the global financial landscape, investors are investigating potential opportunities in the stock market following positive sentiments, with the KLCI in Malaysia inching higher, yet dragged down by the financial sector. Simultaneously, on Wall Street, the major averages surged, with the Dow, NASDAQ, and S&P 500 closing near their daily highs.
