Malaysia Shares Expected To Open To The Upside On Wednesday

(RTTNews) - The Malaysia stock market has moved higher in two straight sessions, advancing almost 40 points or 2.7 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,580-point plateau and it may extend its gains again on Wednesday.

The global forecast for the Asian markets is mixed to higher on better-than-expected inflation data. The European and U.S. markets were mostly higher and the Asian bourses figure to follow that lead.

The KLCI finished sharply higher on Tuesday with gains across the board, especially among the financial shares and industrials.

For the day, the index rallied 35.89 points or 2.32 percent to finish at 1,582.39 after trading between 1,561.39 and 1,582.55.

Among the actives, 99 Speed Mart Retail improved 0.45 percent, while Axiata gained 1.87 percent, Celcomdigi and Maxis both were up 0.26 percent, CIMB Group skyrocketed 6.40 percent, Gamuda soared 5.33 percent, IHH Healthcare increased 0.57 percent, IOI Corporation rose 1.65 percent, Kuala Lumpur Kepong advanced 2.22 percent, Maybank rallied 3.13 percent, MISC strengthened 2.84 percent, MRDIY tumbled 1.76 percent, Nestle Malaysia added 0.59 percent, Petronas Chemicals surged 5.43 percent, PPB Group improved 2.31 percent, Press Metal perked 0.79 percent, Public Bank collected 1.35 percent, QL Resources gathered 1.05 percent, RHB Bank increased 2.25 percent, Sime Darby jumped 2.86 percent, SD Guthrie expanded 1.96 percent, Sunway accelerated 3.60 percent, Telekom Malaysia added 2.01 percent, Tenaga Nasional was up 0.28 percent, YTL Corporation spiked 4.25 percent and YTL Power climbed 2.51 percent.

The lead from Wall Street is mixed as the Dow opened in the red and remained there throughout, while the NASDAQ and S&P 500 were in positive territory from start to finish.

The Dow slumped 269.67 points or 0.64 percent to finish at 42,140.43, while the NASDAQ surged 301.74 points or 1.61 percent to close at 19,010.08 and the S&P 500 gained 42.36 points or 0.72 percent to end at 5,886.55.

The continued strength in the broader markets followed the release of a Labor Department report showing consumer prices in the U.S. rose less than expected in April.

The slightly tamer-than-expected inflation data eased concerns about President Donald Trump's new tariffs on U.S. trade partners leading to higher prices.

Meanwhile, a steep drop by shares of UnitedHealth (UNH) weighed on the Dow, with the healthcare giant plunging by 17.8 percent after the company suspended its full-year guidance.

Crude oil prices showed another significant move to the upside on Tuesday, reaching its highest closing level in almost a month on optimism about the outlook for demand. West Texas Intermediate crude for June delivery surged $1.72 or 2.8 percent to $63.67 a barrel.