On Monday, the Malaysian stock market interrupted a modest two-day winning streak that had collectively accumulated approximately 10 points, or 0.6%. The Kuala Lumpur Composite Index (KLCI) now sits just above the 1,665-point mark, with expectations to rebound higher on Tuesday. The forecast for Asian markets suggests a mild upward trend, propelled by positive momentum in the absence of significant catalysts. Both European and U.S. markets experienced slight gains, which are likely to be mirrored by the Asian exchanges.
The KLCI concluded Monday with a slight decrease, driven by losses in plantation stocks and mixed results in financial and telecommunications sectors. Specifically, the index dropped 3.52 points, or 0.21%, to end the day at 1,665.30, having fluctuated between 1,658.48 and 1,671.62. Key stock movements included:
- Celcomdigi rising by 1.36%
- CIMB Group dropping 1.18%
- Genting decreasing by 0.24%
- Genting Malaysia and SD Guthrie both falling by 0.85%
- IHH Healthcare increasing 0.14%
- IOI Corporation losing 0.26%
- Kuala Lumpur Kepong and QL Resources both declining 1.06%
- Maxis gaining 0.26%
- Maybank advancing 0.94%
- MISC decreasing 0.49%
- MRDIY falling 1.00%
- Petronas Chemicals rising 0.73%
- PPB Group dropping 0.83%
- Press Metal plummeting 1.82%
- RHB Bank increasing 0.16%
- Sime Darby improving 0.85%
- Sunway dropping significantly by 4.56%
- Telekom Malaysia plunging 2.08%
- Tenaga Nasional rising 0.68%
- YTL Power adding 0.78%
Additionally, Axiata, Public Bank, and YTL Corporation remained unchanged.
In the U.S., Wall Street's mood was cautiously optimistic. The major averages began the session slightly higher and maintained this trend, concluding with modest gains. The Dow Jones Industrial Average added 61.29 points, or 0.15%, to close at 42,124.65. The NASDAQ rose by 25.95 points, or 0.14%, finishing at 17,974.27, while the S&P 500 gained 16.02 points, or 0.28%, ending the day at 5,718.57.
The modest gains on Wall Street partly reflect optimism regarding the economic outlook following the Federal Reserve's interest rate cut last week. The Fed is anticipated to continue reducing rates in the upcoming months amid signs of slowing inflation, despite a relatively strong economy.
However, overall trading activity remained subdued as traders await key economic data scheduled for release later this week.
In commodities, crude oil prices failed to sustain early gains, slumping at midday due to demand concerns. West Texas Intermediate crude for October delivery fell by $0.47, or 0.66%, to $70.53 per barrel.