KUALA LUMPUR, Dec 26 (Reuters) - Malaysian stocks are
expected to extend their year-end rally on Wednesday on
sustained fund-buying and inspired by stronger Wall Street on
Monday, dealers said.
Big-cap blue-chip shares such as top lenders Maybank
(MBBM.KL) and Bumiputra-Commerce BUCM.KL are likely to shine,
said one dealer at a local brokerage.
"The market will remain in the positive territory going
into the new year even though the volume is getting thinner and
thinner," the dealer said.
Malaysia's benchmark share index .KLSE has risen almost
30 percent so far this year, outperforming Singapore's Straits
Times Index's .STI 15 percent gain.
The local market was closed on Tuesday for Christmas.
On Monday, the Kuala Lumpur Composite Index .KLSE rose
1.40 percent to 1,423.24, led by banking stocks such as
Maybank, Bumiputra-Commerce and Public Bank (PUBM.KL).
Another dealer said the 100-share index could try to end
the year at a record-high of 1,450 points.
The December futures contract KLIZ7 put the index at 1,428
and the January contract KLIF8 put it at 1,427.5.
U.S. stocks rallied on Monday, led by financial companies,
after Merrill Lynch MER.N took steps to shore up its balance
sheet with plans to raise up to $6.2 billion and sell a lending
unit.
The Dow Jones industrial average .DJI shot up 98.68
points, or 0.73 percent, to end at 13,549.33. The Standard &
Poor's 500 Index .SPX gained 11.99 points, or 0.81 percent,
to 1,496.45. The Nasdaq Composite Index .IXIC climbed 21.51
points, or 0.80 percent, to 2,713.50.
(Reporting by Jalil Hamid; Editing by Syed Azman)
