Malaysia Bourse May Reverse Wednesday's Losses

(RTTNews) - The Malaysia stock market headed south again on Wednesday, one day after ending the three-day losing streak in which it had stumbled more than 25 points or 1.8 percent. The Kuala Lumpur Composite Index now sits just above the 1,415-point plateau although it's likely to see renewed support on Thursday.

The global forecast for the Asian markets is cautiously optimistic, with optimism from easing treasury yields offset by concerns for the health of the world's economies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished slightly lower on Wednesday following losses from the plantations and financials, while the telecoms and industrials were mixed.

For the day, the index dipped 4.17 points or 0.29 percent to finish at 1,415.84 after trading between 1,412.70 and 1,419.66.

Among the actives, Axiata advanced 0.41 percent, while Celcomdigi skidded 0.92 percent, CIMB Group dipped 0.18 percent, Dialog Group lost 0.48 percent, Genting plunged 1.45 percent, Genting Malaysia plummeted 2.02 percent, IHH Healthcare was down 0.17 percent, IOI Corporation dropped 0.76 percent, Maxis retreated 1.24 percent, Maybank fell 0.46 percent, MISC added 0.28 percent, MRDIY sank 0.66 percent, Petronas Chemicals rallied 1.43 percent, PPB Group climbed 0.66 percent, Press Metal tumbled 1.25 percent, Public Bank slid 0.25 percent, RHB Capital collected 0.37 percent, Sime Darby slumped 0.90 percent, Sime Darby Plantations declined 1.16 percent, Telekom Malaysia gained 0.20 percent, Tenaga Nasional eased 0.10 percent, Westports Holdings and Hong Leong Bank both shed 0.62 percent and Kuala Lumpur Kepong and Nestle Malaysia were unchanged.

The lead from Wall Street is positive as the major averages opened slightly higher on Wednesday, saw peaks and valleys throughout the session before ending firmly in the green.

The Dow climbed 127.17 points or 0.39 percent to finish at 33,129.55, while the NASDAQ rallied 176.54 points or 1.35 percent to end at 13,236.01 and the S&P 500 gained 34.30 points or 0.81 percent to close at 4,263.75.

Trading on Wall Street was driven in reaction to bond market activity, with treasury yields fluctuating over the course of the session. The higher close by stocks came as yields finished firmly in negative territory, giving back ground after reaching their highest levels in 16 years.

Treasury yields closed lower following the release of a report from payroll processor ADP showing private sector job growth slowed by much more than expected in September.

Traders were still cautious ahead of the Labor Department's more closely watched report on Friday, which may affect the outlook for interest rates.

Crude oil prices plummeted on Wednesday, weighed down by concerns about the outlook for demand amid worries about an economic slowdown. West Texas Intermediate Crude oil futures for November ended lower by $5.01 or 5.6 percent at $84.22 a barrel.