Malaysia Bourse May Challenge Resistance At 1,700 Points

(RTTNews) - The Malaysia stock market on Monday snapped the two-day losing streak in which it had slipped almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,680-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is positive, with oil companies expected to lead the way - although profit-taking may creep in late in the day. The European and U.S. markets were up and the Asian bourses figure to at least open in similar fashion.

The KLCI finished modestly higher on Monday as the financial shares and plantations were mostly in the green.

For the day, the index added 10.56 points or 0.63 percent to finish at 1,680.32 after trading between 1,669.08 and 1,681.94. Among the actives, 99 Speed Mart Retail advanced 1.06 percent, while Celcomdigi accelerated 1.55 percent, CIMB Group jumped 1.73 percent, Gamuda sank 0.81 percent, Hong Leong Bank spiked 1.97 percent, IHH Healthcare rallied 1.74 percent, IOI Corporation gained 0.75 percent, Kuala Lumpur Kepong added 0.91 percent, Maxis shed 0.79 percent, Maybank vaulted 1.15 percent, MRDIY stumbled 1.29 percent, Nestle Malaysia improved 0.91 percent, Petronas Chemicals and Tenaga Nasional both fell 0.29 percent, Petronas Dagangan eased 0.10 percent, PPB Group perked 0.19 percent, Press Metal expanded 1.13 percent, Public Bank strengthened 1.56 percent, QL Resources slumped 1.01 percent, RHB Bank slipped 0.26 percent, Sunway climbed 1.42 percent, Telekom Malaysia dropped 0.88 percent, YTL Power lost 0.30 percent and Sime Darby, SD Guthrie, AMMB Holdings, Axiata, MISC, Petronas Gas and YTL Corporation were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the trading day.

The Dow rallied 594.79 points or 1.23 percent to finish at 48,977.18, while the NASDAQ added 160.19 points or 0.69 percent to end at 23,395.82 and the S&P 500 gained 43.58 points or 0.64 percent to close at 6,902.05.

The jump by the Dow reflected a spike by shares of Chevron (CVX), with the energy giant soaring by 5.1 percent. Chevron, which is one of the leading private oil companies in Venezuela, surged following a U.S. attack on the country that led to the capture of President Nicolás Maduro.

The price of crude oil also shot up in reaction to the news, contributing to substantial strength among oil service stocks. The Philadelphia Oil Service Index spiked by 5.5 percent amid optimism about potential gains from rebuilding Venezuela's oil infrastructure.

On the U.S. economic front, the Institute for Supply Management said its reading on U.S. manufacturing activity unexpectedly decreased in December.

Crude oil prices surged on Monday after OPEC reaffirmed its plans to pause production increases for early 2026, thereby allaying oversupply concerns. West Texas Intermediate crude for February delivery was up $58.31 or 0.99 percent at $1.73 per barrel.