KUALA LUMPUR, Dec 24 (Reuters) - Malaysian stocks are
expected to extend their gains on Monday, boosted by a rally on
Wall Street and better-than-expected U.S. spending data.
Beaten-down financial stocks such as top lenders Maybank
(MBBM.KL) and Bumiputra-Commerce Holdings BUCM.KL could lead
the rise while plantations stocks such as IOI Corp (IOIB.KL)
and Kuala Lumpur Kepong (KLKK.KL) may also attract interest
after palm oil prices rose 1 percent on Friday, on fears that
another wave of floods will hit oil palm estates.
"Nonetheless, expect trading volume to remain weak ahead of
the year-end, with most fund managers still away on their
year-end holidays, while retailers stay sidelined due to the
weak buying momentum on lower liners," said Kaladher Govindan,
research head at TA Securities.
He put immediate support for the main share index at 1,380
points.
The benchmark Kuala Lumpur Composite Index .KLSE rose
1.18 percent to 1,403.56 on Friday, led by construction firm
Gamuda (GAMU.KL) and pay-TV operator Astro All Asia Networks
(AAAN.KL).
The December futures contract KLIZ7 put the index at
1,412.0 and the January contract KLIF8 put it at 1,413.0.
U.S. stocks jumped the most in three weeks on Friday, as
strong results from the company behind the BlackBerry boosted
technology shares, while financials rose on a report that
another U.S. brokerage may get a big foreign investment.
The Dow Jones industrial average .DJI rose 1.55 percent
to 13,450.65, the Standard & Poor's 500 Index .SPX 1.67
percent to 1,484.46 and the Nasdaq Composite Index .IXIC 1.94
percent to
2,691.99.
(Reporting by Syed Azman; Editing by Valerie Lee)
