Additional Support Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in two straight sessions, gathering almost 25 points or 1.7 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,420-point plateau and it's expected to extend its gains on Thursday.

The global forecast for the Asian markets is positive, with strength expected from the technology and banking stocks. The European and U.S. markets were firmly higher and the Asian bourses are expected to follow suit.

The KLCI finished modestly higher on Wednesday following gains from the financial shares and telecoms, while the plantation stocks were mixed.

For the day, the index advanced 11.26 points or 0.80 percent to finish at 1,420.35 after trading between 1,407.48 and 1,422.69.

Among the actives, Axiata strengthened 1.35 percent, while CIMB Group accelerated 1.92 percent, Dialog Group jumped 1.74 percent, Digi.com eased 0.23 percent, Genting rose 0.44 percent, Genting Malaysia improved 0.78 percent, IHH Healthcare rallied 1.39 percent, INARI lost 0.41 percent, IOI Corporation dipped 0.27 percent, Kuala Lumpur Kepong gathered 0.38 percent, Maybank collected 0.59 percent, Maxis and Tenaga Nasional both increased 0.75 percent, MISC climbed 0.98 percent, Petronas Chemicals sank 0.58 percent, PPB Group surged 2.86 percent, Press Metal advanced 0.83 percent, Public Bank gained 0.51 percent, RHB Capital added 0.54 percent, Sime Darby spiked 2.33 percent, Sime Darby Plantations tumbled 1.16 percent, Telekom Malaysia soared 2,48 percent and MRDIY was unchanged.

The lead from Wall Street is solid as the major averages opened sharply higher and stayed that way throughout the session.

The Dow jumped 323.35 points or 1.00 percent to finish at 32,717.60, while the NASDAQ surged 210.16 points or 1.79 percent to end at 11,926.24 and the S&P 500 spiked 56.54 points or 1.42 percent to end at 4,027.81.

The rally on Wall Street reflected a rebound by technology stocks, with the tech-heavy NASDAQ recovering from the pullback seen early in the week to hit its best closing level in over a month.

Semiconductor stocks led the recovery in the tech sector, driving the Philadelphia Semiconductor Index up 3.3 percent. Considerable strength was also visible among computer hardware stocks, as reflected by the 2.9 percent surge by the NYSE Arca Computer Hardware Index.

The markets also benefited from a continued easing of concerns about contagion from the recent turmoil in the banking sector.

Oil futures failed to hold early gains and ended modestly lower on Wednesday, despite data showing a drop in crude stockpiles last week. West Texas Intermediate Crude oil futures for May faded $0.23 or 0.3 percent at $72.97 a barrel, coming off a high of $74.37 a barrel.