Win Streak May Continue For Malaysia Stock Market

RTTNews | 625 дней спустя
Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, gathering more than 6 points or 0.4 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,450-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were solidly higher and the Asian markets figure to follow the latter lead.

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

For the day, the index perked 0.92 points or 0.06 percent to finish at 1,448.04 after trading between 1,443.72 and 1,448.48.

Among the actives, Axiata sank 0.43 percent, while Celcomdigi dropped 0.49 percent, Dialog Group and Maxis both retreated 1.04 percent, Genting and Hong Leong Bank both lost 0.21 percent, Genting Malaysia climbed 0.75 percent, IHH Healthcare rose 0.17 percent, IOI Corporation gained 0.25 percent, Kuala Lumpur Kepong was up 0.09 percent, MISC added 0.56 percent, MRDIY tumbled 1.96 percent, Petronas Chemicals rallied 0.85 percent, PPB Group perked 0.14 percent, Public Bank collected 0.24 percent, QL Resources surged 2.53 percent, RHB Capital fell 0.18 percent, Sime Darby soared 1.27 percent, Sime Darby Plantations jumped 0.89 percent, Telekom Malaysia advanced 0.57 percent, Tenaga Nasional and AMMB Holdings both slumped 0.50 percent, Westports Holdings spiked1.12 percent and CIMB Group, Maybank and Press Metal were unchanged.

The lead from Wall Street is broadly positive as the major averages were flat for most of the day but surged in the afternoon following the Federal Reserve's rate decision.

The Dow surged 512.30 points or 1.40 percent to finish at a record 37,090.24, while the NASDAQ rallied 200.57 points or 1.38 percent to end at 14,733.96 and the S&P 500 gained 63.39 points or 1.37 percent to close at 4,707.09.

The surge on Wall Street came after the Fed announced its widely expected decision to leave interest rates unchanged while also confirming plans to pivot to cutting rates next year.

The accompanying statement said the decision came as economic growth has slowed from its strong pace in the third quarter, while inflation has eased over the past year.

The projections provided by the Fed also suggest the central bank will begin cutting rates next year, with the median forecast indicating rates will be lowered to 4.6 percent by the end of 2024.

Oil prices climbed higher on Wednesday after data showed a bigger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for January ended higher by $0.86 or 1.3 percent at $69.47 a barrel.

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