(RTTNews) - The Malaysia stock market has climbed higher in four straight sessions, advancing more than 55 points or 3.5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,585-point plateau although it's due for profit taking on Tuesday.
The global forecast for the Asian markets is negative on concerns over a possible Russian invasion of Ukraine, although crude oil prices may limit the downside. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The KLCI finished modestly higher on Monday following gains from the financial shares and the plantation stocks.
For the day, the index rose 4.95 points or 0.31 percent to finish at 1,583.84 after trading between 1,575.10 and 1,585.08. Volume was 3.175 billion shares worth 2.49 billion ringgit. There were 598 decliners and 386 gainers.
Among the actives, Axiata added 0.76 percent, while CIMB Group climbed 1.08 percent, Dialog Group surged 3.25 percent, Digi.com jumped 1.21 percent, Genting sank 1.07 percent, Genting Malaysia skidded 1.36 percent, IHH Healthcare shed 0.61 percent, INARI tumbled 2.44 percent, IOI Corporation soared 2.99 percent, Kuala Lumpur Kepong advanced 0.91 percent, Maybank collected 0.35 percent, Maxis rallied 1.13 percent, MISC dropped 0.99 percent, Petronas Chemicals gained 0.43 percent, PPB Group was up 0.12 percent, Press Metal perked 0.15 percent, Public Bank increased 0.23 percent, RHB Capital improved 0.17 percent, Sime Darby spiked 2.24 percent, Sime Darby Plantations rose 0.24 percent, Telekom Malaysia retreated 2.04 percent, Tenaga Nasional lost 0.44 percent, Top Glove declined 1.85 percent and Hartalega Holdings and MRDIY were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Monday and spent most of the day in the red before ending modestly lower.
The Dow tumbled 171.89 points or 0.49 percent to finish at 34,566.17, while the NASDAQ eased 0.24 points or 0.00 percent to close at 13,790.92 and the S&P 500 fell 16.97 points or 0.38 percent to end at 4,401.67.
The continued weakness on Wall Street came as traders kept a close eye on developments regarding the tensions between Ukraine and Russia. President Joe Biden spoke with Russian President Vladimir Putin over the weekend but there was little progress in defusing the situation.
Traders also remained wary about the outlook for monetary policy following mixed remarks by Federal Reserve officials, with interest rates expected to rise as soon as next month.
Crude oil prices rose sharply on Monday on rising concerns that Russia could attack Ukraine in the near future. West Texas Intermediate Crude oil futures for March ended higher by $2.36 or 2.5 percent at $95.46 a barrel, the highest settlement since September 2014.
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