Malaysia Stock Market May See Additional Support

(RTTNews) - The Malaysia stock market has tracked higher in back-to-back sessions, advancing more than 20 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,465-point plateau and it may find mild support again on Thursday.

The global forecast for the Asian markets is cautiously optimistic thanks to the improving outlook for interest rates. The European and U.S. markets were slightly higher and the Asian bourses are expected to open in similar fashion.

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

For the day, the index climbed 15.12 points or 1.04 percent to finish at the daily high of 1,466.84 after moving as low as 1,453.07.

Among the actives, Axiata accelerated 2.08 percent, while CIMB Group improved 1.22 percent, Dialog Group surged 4.27 percent, Genting soared 2.34 percent, Genting Malaysia rallied 2.02 percent, IHH Healthcare advanced 1.18 percent, IOI Corporation spiked 2.29 percent, Kuala Lumpur Kepong added 1.01 percent, Maxis gathered 0.49 percent, Maybank picked up 0.33 percent, MISC strengthened 1.39 percent, MRDIY skyrocketed 6.58 percent, Petronas Chemicals increased 1.10 percent, PPB Group jumped 1.78 percent, Press Metal gained 0.82 percent, Public Bank collected 1.20 percent, RHB Capital rose 0.53 percent, Sime Darby climbed 1.27 percent, Sime Darby Plantations perked 0.46 percent, Telekom Malaysia was up 0.38 percent, Tenaga Nasional added 0.30 percent and Westports Holdings and Celcomdigi were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened higher on Wednesday and stayed largely in the green although finished with limited gains.

The Dow jumped 163.51 points or 0.47 percent to finish at 34,991.21, while the NASDAQ rose 9.45 points or 0.07 percent to close at 14,103.84 and the S&P 500 perked 7.18 points or 0.16 percent to end at 4,502.88.

The continued strength on Wall Street came as the latest inflation data added to optimism about the outlook for interest rates - especially after the Labor Department reported an unexpected decrease in U.S. producer prices in October.

Following Tuesday's tamer than expected consumer price inflation data, the latest report reinforced expectations that the Federal Reserve is done raising interest rates.

In economic news, the Commerce Department said retail sales in the U.S. edged slightly lower in October.

Crude oil prices tumbled on Wednesday after data showed a sharp increase in U.S. crude stockpiles and a big jump in crude production. West Texas Intermediate Crude oil futures for December lost $1.60 or 2 percent at $76.66 a barrel, falling for the first time in five sessions.