Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished higher in three straight sessions, gathering more than 25 points or 1.9 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,400-point plateau and it's tipped to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat on bargain hunting and renewed optimism over earnings. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished sharply higher on Tuesday following gains from the plantations, industrials and telecoms, while the financials were soft.

For the day, the index gained 14.09 points or 1.02 percent to finish at 1,400.36 after trading between 1,389.16 and 1,400.39. Volume was 2.405 billion shares worth 1.711 billion ringgit. There were 566 gainers and 272 decliners.

Among the actives, Axiata skyrocketed 9.54 percent, while CIMB Group sank 0.94 percent, Dialog Group advanced 1.16 percent, Digi.com soared 5.20 percent, Genting gathered 0.70 percent, Genting Malaysia gained 0.39 percent, Hartalega Holdings slumped 1.03 percent, IHH Healthcare climbed 1.88 percent, INARI spiked 4.28 percent, IOI Corporation surged 7.05 percent, Kuala Lumpur Kepong jumped 2.48 percent, Maybank dipped 0.12 percent, Maxis strengthened 2.06 percent, MISC rose 0.28 percent, MRDIY improved 1.05 percent, Petronas Chemicals added 0.59 percent, PPB Group perked 0.50 percent, Press Metal increased 0.96 percent, RHB Capital collected 0.55 percent, Sime Darby Plantations accelerated 2.73 percent, Telekom Malaysia rallied 4.24 percent, Tenaga Nasional was up 0.12 percent and Top Glove, Public Bank and Sime Darby were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday but bounced higher again heading into the close.

The Dow surged 337.98 points or 1.12 percent to finish at 30,525.80, while the NASDAQ advanced 96.60 points or 0.90 percent to end at 10,772.40 and the S&P 500 climbed 42.03 points or 1.14 percent to close at 3,719.98.

The initial strength on Wall Street reflected a positive reaction to upbeat earnings news from companies like Goldman Sachs (GS) and Johnson & Johnson (JNJ), which helped ease concerns about the strength of the earnings season.

In economic news, the Federal Reserve released a report showing industrial production increased by more than expected in September.

Crude oil prices fell sharply on Tuesday after a volatile session amid uncertainty about the outlook for energy demand. West Texas Intermediate Crude oil futures for November slumped $2.64 or 3.1 percent at $82.82 a barrel.