Malaysia Stock Market Poised To Add To Its Winnings

(RTTNews) - The Malaysia stock market has tracked higher in three straight trading days, improving almost 25 points or 1.7 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,580-point plateau and it's expected to open to the upside again on Wednesday.

The global forecast for the Asian markets is positive on renewed optimism about the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished modestly higher again on Tuesday following gains from the telecoms and industrials, while the financials and plantations were mixed.

For the day, the index picked up 8.12 points or 0.52 percent to finish at 1,580.46 after trading between 1,570.97 and 1,582.32.

Among the actives, Axiata added 0.44 percent, while Celcomdigi improved 0.53 percent, CIMB Group sank 0.75 percent, Gamuda climbed 0.92 percent, IHH Healthcare rose 0.28 percent, IOI Corporation dropped 0.80 percent, Kuala Lumpur Kepong slumped 1.08 percent, Maxis tumbled 1.65 percent, MISC gained 0.42 percent, MRDIY accelerated 2.94 percent, Nestle Malaysia dipped 0.13 percent, Petronas Chemicals skidded 1.05 percent, Petronas Gas retreated 1.61 percent, PPB Group perked 0.17 percent, Press Metal soared 4.02 percent, Public Bank strengthened 1.39 percent, QL Resources advanced 0.87 percent, RHB Bank collected 0.16 percent, Sime Darby increased 0.45 percent, SD Guthrie jumped 1.66 percent, Sunway surged 5.44 percent, Telekom Malaysia rallied 2.32 percent, Tenaga Nasional lost 0.73 percent, YTL Corporation skyrocketed 6.28 percent, YTL Power spiked 3.08 percent and Maybank, 99 Speed Mart Retail and Hong Leong Financial were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and mostly stayed that way throughout the trading day.

The Dow soared 537.98 points or 1.24 percent to finish at 44,025.81, while the NASDAQ rallied 126.58 points or 0.64 percent to close at 19,756.78 and the S&P 500 gained 52.58 points or 0.88 percent to end at 6,049.24.

U.S. stocks were firmly in positive territory, with investors assessing the possible impact of the Trump administration's economic policies and likely tariff proposals.

Optimism about some interest rate cuts by the Federal Reserve this year, and a drop in treasury yields also contributed to market's upside.

The recent retreat by treasury yields came as the U.S. inflation data released over the past few days led to renewed optimism about the outlook for interest rates.

Oil prices tumbled on Tuesday, weighed down by Trump's plans to boost oil and gas production in the U.S. West Texas Intermediate Crude oil futures for February closed down $1.99 or 2.56 percent at $75.89 a barrel.