Malaysia Stock Market Poised To Add To Its Winnings

(RTTNews) - The Malaysia stock market has ticked higher in back-to-back sessions, advancing more than 7 points or 0.5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,425-point plateau and it may see additional support on Thursday.

The global forecast for the Asian markets is upbeat on optimism over debt ceiling negotiations in the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KLCI finished barely higher on Wednesday as gains from the plantation stocks were offset by weakness from the financial sector.

For the day, the index rose 0.84 points or 0.06 percent to finish at 1,424.34 after trading between 1,421.34 and 1,427.40.

Among the actives, Axiata slid 0.33 percent, while CIMB Group eased 0.20 percent, Dialog Group jumped 1.39 percent, Digi.com and Maybank both dipped 0.23 percent, Genting was down 0.22 percent, Genting Malaysia tumbled 1.48 percent, IHH Healthcare fell 0.34 percent, INARI shed 0.45 percent, IOI Corporation spiked 1.54 percent, Kuala Lumpur Kepong rallied 1.24 percent, Maxis skidded 0.68 percent, MISC advanced 0.69 percent, MRDIY and Petronas Chemicals both declined 1.27 percent, Petronas Dagangan soared 3.48 percent, PPB Group dropped 0.49 percent, Press Metal lost 0.41 percent, Public Bank collected 0.25 percent, Sime Darby sank 0.47 percent, Sime Darby Plantations surged 3.85 percent, Telekom Malaysia retreated 0.79 percent, Tenaga Nasional added 0.21 percent and RHB Capital and AMMB Holdings were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and accelerated throughout the day, ending near session highs.

The Dow surged 408.63 points or 1.24 percent to finish at 33,420.77, while the NASDAQ rallied 157.51 points or 1.28 percent to end at 12,500.57 and the S&P 500 advanced 48.87 points or 1.19 percent to close at 4,158.77.

The rebound on Wall Street reflected optimism that lawmakers will eventually reach an agreement on raising the U.S. debt ceiling following Tuesday's meeting between President Joe Biden and top congressional leaders.

Regional banks helped lead the rebound on Wall Street, with shares of Western Alliance (WAL) spiking by 10.2 percent after the company said deposit growth for the current quarter exceeded $2 billion as of May 12.

In economic news, the Commerce Department unexpectedly reported a significant rebound in new residential construction in April, although building permits came in below expectations for the month.

Crude oil prices rose sharply Wednesday on expectations of higher demand and optimism over U.S. debt ceiling negotiations. West Texas Intermediate Crude oil futures for June jumped $1.97 or 2.8 percent at $72.83 a barrel.