Malaysia Bourse Poised To Extend Wednesday's Gains

(RTTNews) - The Malaysia stock market on Wednesday ended the four-day slide in which it had dropped almost 15 points or 1 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,455-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is cautiously optimistic as traders look to add window dressing ahead of the year's end. The European and U.S. markets were slightly higher and the Asian bourses figure to follow suit.

The KLCI finished slightly higher on Wednesday following gains from the financial shares, telecoms and plantations.

For the day, the index rose 3.44 points or 0.24 percent to finish at 1,454.22 after trading between 1,452.08 and 1,455.44.

Among the actives, Axiata sank 0.82 percent, while Celcomdigi and Public Bank both rose 0.24 percent, CIMB Group added 0.35 percent, Genting climbed 0.88 percent, Genting Malaysia rallied 0.75 percent, Kuala Lumpur Kepong and Telekom Malaysia both gathered 0.18 percent, Maxis jumped 1.56 percent, Maybank and Petronas Gas both collected 0.11 percent, MISC dipped 0.14 percent, Petronas Chemicals was up 0.14 percent, PPB Group gained 0.28 percent, Press Metal perked 0.21 percent, RHB Capital fell 0.19 percent, Sime Darby increased 0.42 percent, Sime Darby Plantations advanced 0.68 percent, YTL Corporation improved 0.53 percent, YTL Power spiked 1.20 percent and QL Resources, Hong Leong Bank, Hong Leong Financial Group, IOI Corporation, Tenaga Nasional and MRDIY were unchanged.

The lead from Wall Street is mildly positive as the major averages opened higher on Wednesday, slipped in and out of the red before finishing with modest gains.

The Dow climbed 111.19 points or 0.30 percent to finish at a record 37,656.52, while the NASDAQ added 24.60 points or 0.16 percent to close at 15,099.18 and the S&P 500 rose 6.83 points or 0.14 percent to end at 4,781.58.

The uptick by stocks came as treasury yields moved notably lower over the course of the session, with the yield on the benchmark ten-year note falling to its lowest level in five months.

Treasury yields saw further downside after the Treasury Department revealed this month's auction of $58 billion worth of five-year notes attracted average demand.

The decrease in treasury yields has added to optimism about the outlook for interest rates, generating renewed buying interest on Wall Street.

Oil prices fell Wednesday on reports that shipping companies have resumed travel via the Suez Canal and Red Sea again after a geopolitical pause. West Texas Intermediate Crude oil futures for February sank $1.46 or 1.9 percent at $74.11 a barrel.