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Prediction of extra support in Malaysia stock market

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Malaysia stock market

The Malaysia stock market has risen in two of three trading days. Since the end of the two-day slide, the stock had fallen more than 20 points, which is 1.3%. Then, the Kuala Lumpur Composite Index is currently above the 1,590-point plateau and it might still add to its winnings.

The global forecast for the Asian markets remains optimistic on stimulus optimism, rising oil prices and earning news. Moreover, the U.S. and European markets were up and the Asian markets seem to follow that lead.

The telecoms were soft and the financials were juggled up. Meanwhile, for KLCI, it finished modestly higher on Tuesday following gains from the plantations and glove producers.

The index advanced 14.09 points or 0.90% to complete at 1,580.49 after trading between 1,571.30 and 1,585.18. Furthermore, there were a total of 501 gainers and 671 decliners. The volume worth RM5.120 billion, which has 6.628 billion shares.

The S&P 500 climbed 52.45 points or 1.39% to close at 3,826.31 and NASDAQ jumped 209.38 points or 1.56% to end at 13,612.78. Meanwhile, the Dow gained 475.57 points or 1.57% to finish at 30,687.48.

List of Malaysia stock market

For example, these are the list of Malaysia stock market among the actives:

  • Top Glove spiked 4.60%
  • Supermax surged 4.12%
  • Sime Darby soared 3.64%
  • Sime Darby Plantations advanced 1.03%
  • Petronas Chemicals accelerated 2.98%
  • Hartalega Holdings gathered 3.42%
  • MISC jumped 3.52%
  • Kuala Lumpur Kepong spiked 2.41%
  • Axiata climbed 1.80%
  • Tenaga Nasional was up 0.10%
  • Telecom Malaysia decreased by 0.47%
  • Maxis rallied 2.31%
  • Digi.com perked 0.53%
  • Dialog Group tumbled 1.64%
  • Public Bank plunged 2.15%
  • Maybank added 0.71%
  • CIMB Group collected 0.52%
  • RHB Capital remains unchanged
  • Nestle remains unchanged
  • IOI Corporation surged 0.71%
  • Genting Malaysia sank 0.41%
  • Genting gained 0.25%
  • Press Metal lost 0.38%
  • IHH Healthcare improved 0.20%

Stocks opened higher on Tuesday and stayed in the green throughout the session, increasing gains from the previous session. Therefore, the lead from Wall Street is strongly positive. Besides, the resumed strength on Wall Street came as stocks that lately benefited from the retail trading fenzy moved sharply higher.

The markets gained from an optimistic reaction to the newest earnings news from organizations such as delivery giant UPS (UPS) and Exxon Mobil (XOM).

Besides, after President Joe Biden met with 10 Republican Senators who have proposed a counter-proposal to his $1.9 trillion relief strategy, traders also remain optimistic about more fiscal stimulus.

On the other hand, crude oil prices enlarged gains on Tuesday as PEC’s move to reduce production helped alleviate worries of excess supply in the market. For further illustration, West Texas Intermediate Crude oil futures for March ended up $1.21 or 2.3% at $54.76 a barrel, which hits the highest settlement in more than an annum.

 

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Additional Support Predicted For Malaysia Stock Market

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