Rebound Anticipated For Malaysia Stock Market

(RTTNews) - Ahead of Monday's holiday for Diwali, the Malaysia stock market had ended the two-day winning streak in which it had picked up less than a point. The Kuala Lumpur Composite Index now sits just beneath the 1,610-point plateau although it's expected to bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on strength from the technology stocks and on hopes for easing tariffs. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished slightly lower on Friday following losses from the financial shares and industrials, while the plantations and telecoms were mixed.

For the day, the index dipped 5.11 points or 0.32 percent to finish at 1,607.18 after trading between 1,604.72 and 1,616.36. Among the actives, 99 Speed Mart Retail soared 1.60 percent, while Axiata tumbled 1.47 percent, Celcomdigi was down 0.27 percent, Gamuda plummeted 2.70 percent, IHH Healthcare surged 3.23 percent, IOI Corporation rallied 1.27 percent, Kuala Lumpur Kepong sank 0.58 percent, Maxis advanced 0.79 percent, Maybank and RHB Bank both dipped 0.30 percent, MISC skidded 0.69 percent, MRDIY slumped 1.16 percent, Nestle Malaysia added 0.29 percent, Petronas Chemicals plunged 2.20 percent, Petronas Dagangan fell 0.36 percent, Petronas Gas stumbled 1.58 percent, Press Metal eased 0.16 percent, Public Bank lost 0.47 percent, QL Resources jumped 1.41 percent, Sime Darby shed 0.48 percent, Sunway tanked 2.14 percent, Telekom Malaysia rose 0.14 percent, Tenaga Nasional dropped 0.61 percent, YTL Corporation declined 1.17 percent, YTL Power retreated 1.25 percent and AMMB Holdings, CIMB Group, PPB Group and SD Guthrie were unchanged.

The lead from Wall Street is strong as the major averages opened higher on Monday and remained in the green throughout the trading day, ending near session highs.

The Dow surged 515.97 points or 1.12 percent to finish at 46,706.58, while the NASDAQ jumped 310.57 points or 1.37 percent to end at 22,990.54 and the S&P 500 rallied 71.12 points or 1.07 percent to close at 6.735.13.

The rally on Wall Street came after reports said the Trump administration is quietly watering down some of the tariffs that underpin the president's signature economic policy.

Apple (AAPL) also led the markets higher, with the tech giant surging 3.9 percent to a new record closing high. The jump by Apple came after Loop Capital upgraded its rating on the company's stock to Buy from Hold due to strong demand for the iPhone 17 series.

Positive sentiment was also generated in reaction to comments from National Economic Council Director Kevin Hassett, who said the ongoing government shutdown could end this week.

Crude oil edged lower on Monday as traders assess recent IEA reports of an oil market surplus in 2026. West Texas Intermediate crude for November delivery was down $0.10 or 0.17 percent at $57.44 per barrel.