Malaysia Hot Stocks-Market seen up on Wall St rally
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: Quote, Profile, Research, Stock Buzz) and Bumiputra-Commerce Holdings (BUCM.KL: Quote, Profile, Research, Stock Buzz) could lead the rise while plantations stocks such as IOI Corp (IOIB.KL: Quote, Profile, Research, Stock Buzz) and Kuala Lumpur Kepong (KLKK.KL: Quote, Profile, Research, Stock Buzz) 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: Quote, Profile, Research, Stock Buzz) and pay-TV operator Astro All Asia Networks (AAAN.KL: Quote, Profile, Research, Stock Buzz).
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)
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