Malaysia Bourse Expected To Snap Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in three straight sessions, slipping more than 40 points or 2.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,560-point plateau although it may see support on Thursday.

The global forecast for the Asian markets is positive as U.S. inflation data eased concerns over the outlook for interest rates. The European and U.S. markets finished solidly higher and the Asian bourses figure to follow that lead.

The KLCI finished modestly lower again on Wednesday following losses from the telecoms and mixed performances from the financials and industrials.

For the day, the index dropped 14.34 points or 0.91 percent to finish at 1,562.12 after trading between 1,558.60 and 1,586.21.

Among the actives, 99 Speed Mart Retail climbed 0.87 percent, while Axiata declined 1.72 percent, Celcomdigi jumped 1.09 percent, CIMB Group slumped 1.51 percent, Gamuda plummeted 5.72 percent, IHH Healthcare rose 0.28 percent, Kuala Lumpur Kepong was up 0.10 percent, Maxis lost 0.28 percent, Maybank shed 0.59 percent, MISC tumbled 1.94 percent, MRDIY tanked 3.41 percent, Nestle Malaysia gained 0.30 percent, Petronas Chemicals sank 1.06 percent, Petronas Dagangan plunged 3.59 percent, Petronas Gas fell 0.23 percent, PPB Group skidded 1.48 percent, Press Metal surged 3.21 percent, QL Resources perked 0.22 percent, RHB Bank rallied 1.59 percent. Sime Darby retreated 2.26 percent, Sunway dropped 1.41 percent, Telekom Malaysia stumbled 3.03 percent, Tenaga Nasional surrendered 2.32 percent, YTL Corporation added 0.46 percent, YTL Power advanced 0.52 percent and IOI Corporation, SD Guthrie and Public Bank were unchanged.

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

The Dow surged 703.27 points or 1.65 percent to finish at 43,221.55, while the NASDAQ rallied 466.84 points or 2.45 percent to close at 19,511.23 and the S&P 500 jumped 107.00 points or 1.83 percent to end at 5,949.91.

The rally on Wall Street was a positive reaction to the Labor Department's closely watched report on consumer price inflation in December. While the report showed consumer prices rose slightly more than expected in December, the annual rate of core consumer price growth unexpectedly slowed.

Positive sentiment was also generated in reaction to upbeat earnings news from financial giants JPMorgan Chase (JPM), Goldman Sachs (GS) and Citigroup (C).

Oil prices spiked Wednesday as crude inventories in the U.S. dropped last week, while possible supply disruptions due to new sanctions against Russia also supported prices. West Texas Intermediate Crude oil futures for February rose $2.54 or 3.3 percent at $80.04 a barrel.