Malaysia Stock Market May Extend Winning Streak

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, rising more than 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,435-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates and easing bond yields. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The KLCI finished sharply higher on Tuesday following gains from the financial shares, plantation stocks and telecoms.

For the day, the index climbed 17.91 points or 1.26 percent to finish at 1,435.17 after trading between 1,419.33 and 1,435.89.

Among the actives, Public Bank surged 2.48 percent, while CIMB Group soared 2.40 percent, Petronas Dagangan spiked 2.32 percent, Celcomdigi accelerated 2.12 percent, Petronas Chemicals rallied 1.81 percent, Press Metal jumped 1.70 percent, Dialog Group strengthened 1.43 percent, Axiata climbed 1.25 percent, Kuala Lumpur Kepong advanced 1.19 percent, Sime Darby Plantations improved 1.18 percent, AMMB Holdings increased 1.05 percent, IHH Healthcare added 1.03 percent, Maybank and Telekom Malaysia both gained 1.02 percent, Maxis rose 1.01 percent, RHB Bank collected 0.91 percent, PPB Group gathered 0.80 percent, MISC perked 0.70 percent, Westports Holdings sank 0.63 percent, IOI Corporation added 0.51 percent, Sime Dary gained 0.45 percent, Genting Malaysia advanced 0.41 percent, Petronas Gas was up 0.35 percent, Genting fell 0.25 percent and QL Resources, Mr. DYI and Tenaga Nasional were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and accelerated as the day progressed, although late profit taking saw them end well off session highs.

The Dow climbed 134.65 points or 0.40 percent to finish at 33,739.30, while the NASDAQ gained 78.60 points or 0.58 percent to close at 13,562.84 and the S&P 500 added 22.58 points or 0.52 percent to end at 4,358.24.

Despite concerns about the ongoing war in the Middle East, the mood on Wall Street was fairly positive as dovish comments from some Federal Reserve officials lowered expectations for further interest rate hikes and pushed down bond yields.

In economic news, the International Monetary Fund downgraded its global growth forecast for next year, saying the projections are weakest in decades, while the likelihood of a soft-landing has increased with growing divergences amid modestly easing inflationary pressures.

Crude oil prices fell on Tuesday as traders assessed the likely impact of potential supply disruptions due to the ongoing war in the Middle East. West Texas Intermediate Crude oil futures for November shed $0.41 or 0.5 percent at $85.97 a barrel.