Steady Start Eyed For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in consecutive trading days, collecting more than a dozen points or 0.7 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,605-point plateau and it's likely to remain in that neighborhood again on Wednesday.

The global forecast for the Asian markets is mixed to higher, supported by oil and technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

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

For the day, the index advanced 11.48 points or 0.72 percent to finish at the daily high of 1,606.96 after trading as low as 1,594.07.

Among the actives, Axiata jumped 2.15 percent, while Celcomdigi gained 0.55 percent, Genting tumbled 1.88 percent, IHH Healthcare perked 0.28 percent, IOI Corporation rose 0.52 percent, Kuala Lumpur Kepong fell 0.19 percent, Maxis shed 0.57 percent, Maybank advanced 0.99 percent, MISC improved 0.96 percent, MRDIY soared 2.75 percent, Nestle Malaysia added 0.58 percent, Petronas Chemicals gathered 0.42 percent, PPB Group dropped 0.91 percent, Press Metal climbed 1.42 percent, Public Bank collected 0.89 percent, RHB Bank sank 0.61 percent, Sime Darby rallied 2.17 percent, SD Guthrie spiked 2.21 percent, Sunway strengthened 1.46 percent, Telekom Malaysia improved 0.93 percent, Tenaga Nasional slumped 0.74 percent, YTL Corporation surged 6.93 percent, YTL Power skyrocketed 7.25 percent and CIMB Group, QL Resources and Genting Malaysia were unchanged.

The lead from Wall Street is mixed as the major averages opened slightly lower on Tuesday, although the NASDAQ and the S&P 500 were able to break into the green to record closing highs by the day's end.

The Dow sank 76.47 points or 0.17 percent to finish at 44,705.53, while the NASDAQ added 76.96 points or 0.40 percent to close at 19,480.91 and the S&P rose 2.73 points or 0.05 percent to end at 6,049.

A relatively light day on the U.S. economic front may have kept traders on the sidelines, although the Labor Department reported that job openings increased by more than expected in October.

Traders are also likely to keep an eye on reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.

The data and remarks could impact the outlook for interest rates ahead of the Fed's next monetary policy meeting later this month.

Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.