Malaysia Stock Market May Add To Its Winnings On Thursday

(RTTNews) - The Malaysia stock market has moved higher in consecutive trading days, gathering just 3 points or 0.2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,575-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is upbeat, with technology shares expected to lead the way. The European markets were up and the U.S. bourses were mostly higher and the Asian markets also figure to move to the upside.

The KLCI finished slightly higher again on Wednesday following mixed performances from the financial shares, telecoms and plantations.

For the day, the index perked 1.82 points or 0.12 percent to finish at 1,578.52 after trading between 1,573.95 and 1,582.34. Among the actives, 99 Speed Mart Retail improved 1.60 percent, while Axiata added 0.82 percent, Celcomdigi slumped 1.08 percent, CIMB Group eased 0.14 percent, IHH Healthcare climbed 1.62 percent, IOI Corporation gathered 0.52 percent, Kuala Lumpur Kepong strengthened 1.63 percent, Maxis accelerated 2.27 percent, Maybank shed 0.80 percent, MISC expanded 0.54 percent, MRDIY spiked 3.36 percent, Petronas Chemicals rallied 2.14 percent, Petronas Dagangan advanced 0.92 percent, PPB Group soared 3.98 percent, Press Metal perked 0.18 percent, Public Bank sank 0.93 percent, QL Resources dropped 0.95 percent, Sime Darby jumped 1.98 percent, SD Guthrie fell 0.20 percent, Sunway surged 4.36 percent, Telekom Malaysia increased 1.01 percent, Tenaga Nasional skidded 1.06 percent, YTL Corporation gained 0.80 percent, YTL Power rose 0.74 percent and Nestle Malaysia, RHB Bank, Gamuda, AMMB Holdings and Petronas Gas were unchanged.

The lead from Wall Street is mixed as the major averages opened on opposite sides of the line and finished the same way.

The Dow slipped 24.58 points or 0.05 percent to finish at 45,271.23, while the NASDAQ rallied 218.10 points or 1.02 percent to end at 21,497.73 and the S&P 500 added 32.72 points or 0.51 percent to close at 6,448.26.

The notable rebound by the NASDAQ followed a surge by shares of Alphabet (GOOGL), which rallied after a federal judge ruled the company will avoid the most severe consequences in a landmark antitrust case.

The strength on Wall Street also came after the Labor Department released a report showing job openings in the U.S. fell to their lowest level in 10 months in July.

While the data provides further signs of softening labor market conditions, the report has also increased confidence that the Federal Reserve will lower interest rates later this month.

Crude oil prices fell sharply on Wednesday amid increasing concerns of oversupply due to reported plans by OPEC to boost output at its upcoming meeting on Sunday. West Texas Intermediate crude for October delivery was down $1.65 or 2.52 percent at $63.94 per barrel.

Closer to home, the central bank in Malaysia will wrap up its monetary policy proceedings later today and then announce its decision on interest rates; the bank is expected to keep its benchmark lending rate steady at 2.75 percent.