Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has tracked higher in back-to-back sessions, collecting almost 15 points or 1.1 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,410-point plateau and it's expected to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat on continued bargain hunting, particularly among the technology stocks and energy companies. The European and U.S. markets were sharply higher and the Asian bourses are predicted to follow that lead.

The KLCI finished modestly higher on Tuesday following gains from the glove makers and financials, weakness from the plantations and a mixed picture from the telecoms.

For the day, the index advanced 11.74 points or 0.84 percent to finish at 1,409.36 after trading between 1,402.90 and 1,411.55. Volume was 1.916 billion shares worth 1.455 billion ringgit. There were 568 gainers and 280 decliners.

Among the actives, Axiata climbed 1.51 percent, while CIMB Group jumped 2.15 percent, Dialog Group strengthened 2.06 percent, Digi.com accelerated 2.60 percent, Genting advanced 1.35 percent, Genting Malaysia and Petronas Gas both were up 0.36 percent, Hartalega Holdings improved 1.83 percent, IHH Healthcare sank 0.68 percent, INARI added 1.21 percent, IOI Corporation fell 0.53 percent, Kuala Lumpur Kepong tumbled 1.44 percent, Maybank rose 0.93 percent, Maxis surged 5.13 percent, MISC rallied 2.33 percent, MRDIY soared 4.66 percent, PPB Group and Press Metal both perked 0.25 percent, Public Bank collected 0.47 percent, RHB Capital gained 1.07 percent, Sime Darby increased 1.42 percent, Sime Darby Plantations plunged 2.88 percent, Telekom Malaysia lost 0.55 percent, Tenaga Nasional gathered 1.22 percent, Top Glove spiked 4.20 percent and Petronas Chemicals was unchanged.

The lead from Wall Street is broadly positive for the second straight day as the major averages opened sharply higher on Tuesday and stayed that way throughout the session.

The Dow surged 825.43 points or 2.80 percent to finish at 30,316.32, while the NASDAQ soared 360.97 points or 3.34 percent to end at 11,176.41 and the S&P 500 spiked 112.50 points or 3.06 percent to close at 3,790.93.

The continued strength on Wall Street came as investors scooped up bargains following a brutal September. The rally was also fueled by a lower dollar and falling treasury yields.

Traders also continue to bet that the Federal Reserve may slow the pace of its interest rate hikes on the heels of some disappointing economic data earlier in the week.

Crude oil prices rose sharply Tuesday, extending gains from the previous session as traders continued to bet on hopes the OPEC will agree to a large cut in crude output later today. West Texas Intermediate Crude oil futures for November settled at $86.52 a barrel, up $2.89 or 3.5 percent.