Malaysia Bourse May Extend Tuesday's Gains

(RTTNews) - The Malaysia stock market on Tuesday snapped the two-day losing streak in which it had given up less than a single point. The Kuala Lumpur Composite Index now rests just shy of the 1,455-point plateau and it's looking at additional support on Wednesday.

The global forecast for the Asian markets is upbeat thanks to an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

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

For the day, the index improved 10.38 points or 0.72 percent to finish at 1,454.44 after trading between 1,441.52 and 1,455.80.

Among the actives, Axiata rallied 1.18 percent, while CIMB Group climbed 0.54 percent, Dialog Group added 0.48 percent, Genting and Nestle both improved 0.23 percent, Genting Malaysia gained 0.39 percent, IHH Healthcare advanced 0.50 percent, Kuala Lumpur Kepong rose 0.47 percent, Maxis fell 0.25 percent, Maybank strengthened 1.00 percent, MISC dipped 0.14 percent, MRDIY tumbled 1.46 percent, Petronas Chemicals surged 2.71 percent, Press Metal and Tenaga Nasional both perked 0.20 percent, Public Bank spiked 1.47 percent, RHB Capital collected 0.88 percent, Sime Darby soared 1.80 percent, Telekom Malaysia increased 1.19 percent, Westports Holdings skyrocketed 3.20 percent and Sime Darby Plantations, PPB Group, Celcomdigi and IOI Corporation were unchanged.

The lead from Wall Street is broadly positive as the major averages opened slightly higher on Tuesday but accelerated as the day progressed, ending near session highs.

The Dow jumped 292.69 points or 0.85 percent to finish at 34,852.67, while the NASDAQ surged 238.63 points or 1.74 percent to end at 13,943.76 and the S&P 500 rallied 64.32 points or 1.45 percent to close at 4.497.63.

The strength on Wall Street came as the latest batch of U.S. economic data helped ease recent concerns about the outlook for interest rates.

Consumer confidence in the U.S. deteriorated more than anticipated in August, according to a report released by the Conference Board. Also, the Labor Department said job openings in the U.S. decreased to 8.8 million on the last business day of July.

Oil prices climbed higher on Tuesday with traders weighing the likely impact of the Hurricane Idalia on energy operations in the Gulf of Mexico, while a weak dollar also contributed to the uptick. West Texas Intermediate Crude oil futures for October climbed $1.06 or 1.3 percent at $81.16 a barrel.