Malaysia Bourse May Turn Lower Again On Thursday

(RTTNews) - The Malaysia stock market bounced higher again on Wednesday, one day after snapping the two-day winning streak in which it had gathered more than 20 points or 1.4 percent. The Kuala Lumpur Composite Index now rests just above the 1,445-point plateau although it's predicted to face renewed selling pressure on Thursday.

The global forecast for the Asian markets suggests consolidation ahead of key inflation data and on U.S. political uncertainty. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The KLCI finished slightly higher on Wednesday following gains from the financials, weakness from the glove makers and mixed performances from the plantations and telecoms.

For the day, the index rose 4.84 points or 0.34 percent to finish at 1,446.19 after trading between 1,439.69 and 1,447.15. Volume was 3.070 billion shares worth 1.722 billion ringgit. There were 425 gainers and 404 decliners.

Among the actives, CIMB Group added 0.37 percent, while Dialog Group tumbled 0.97 percent, Digi.com jumped 1.05 percent, Genting retreated 0.90 percent, Genting Malaysia plunged 1.10 percent, Hartalega Holdings plummeted 3,86 percent, IHH Healthcare, IOI Corporation and PPB Group all sank 0.50 percent, INARI climbed 0.81 percent, Kuala Lumpur Kepong slumped 0.85 percent, Maybank soared 1.53 percent, Maxis rose 0.26 percent, MISC fell 0.28 percent, MRDIY improved 0.51 percent, Press Metal surged 2.07 percent, Public Bank collected 0.46 percent, RHB Capital advanced 0.73 percent, Sime Darby Plantations spiked 1.39 percent, Tenaga Nasional gained 0.36 percent, Top Glove skidded 0.59 percent and Petronas Chemicals, Petronas Dagangan, Sime Darby, Telekom Malaysia, Axiata and Hong Leong Bank were unchanged.

The lead from Wall Street is broadly negative as the major averages opened modestly lower on Wednesday but saw the losses accelerate as the day progressed, ending at session lows.

The Dow plummeted 646.89 points or 1.95 percent to finish at 32,513.94, while the NASDAQ plunged 263.03 points or 2.48 percent to close at 10,353.17 and the S&P 500 sank 79.54 points or 2.08 percent to end at 3,748.57.

The sharply pullback on Wall Street came as traders cashed in on recent strength in the markets amid lingering uncertainty about the results of the U.S. midterm elections as control of both houses of Congress remains unclear.

Traders may also be moving money out of stocks ahead today's highly anticipated report on consumer price inflation, which could have a significant impact on the outlook for interest rates.

Crude oil prices tumbled Wednesday, weighed down by a jump in crude stockpiles, concerns about the outlook for energy demand and a stronger U.S. dollar. West Texas Intermediate Crude oil futures for December ended lower by $3.08 or 3.5 percent at $85.83 a barrel, falling for the third consecutive session.