Malaysia Bourse Due For Support On Thursday

(RTTNews) - The Malaysia stock market has moved lower in two straight sessions, sinking just 8 points or 0.5 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,530-point plateau although it may find traction on Thursday.

The global forecast for the Asian markets suggests mild upside on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The KLCI finished slightly lower on Wednesday following losses from the telecoms and mixed performances from the financials and plantations.

For the day, the index slipped 5.47 points or 0.36 percent to finish at 1,531.51 after trading between 1,527.92 and 1,535.20.

Among the actives, AMMB Holdings plummeted 5.00 percent, while Axiata skidded 0.74 percent, Celcomdigi surrendered 1.88 percent, CIMB Group fell 0.31 percent, Genting retreated 1.43 percent, Genting Malaysia stumbled 1.05 percent, IHH Healthcare declined 1.32 percent, IOI Corporation jumped 1.01 percent, Kuala Lumpur Kepong eased 0.09 percent, Maxis slumped 0.83 percent, Maybank perked 0.10 percent, MISC rose 0.13 percent, MRDIY tanked 1.95 percent, Petronas Chemicals soared 1.46 percent, PPB Group rallied 0.65 percent, Press Metal shed 0.44 percent, Public Bank sank 0.46 percent, QL Resources advanced 0.51 percent, RHB Capital collected 0.18 percent, Sime Darby spiked 1.15 percent, Sime Darby Plantations added 0.23 percent, Telekom Malaysia dropped 0.50 percent, YTL Corporation tumbled 1.53 percent, YTL Power plunged 2.78 percent and Tenaga Nasional was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Wednesday, faded midday but rallied late to finish modestly in the green.

The Dow added 75.86 points or 0.20 percent to finish at 38,661.05, while the NASDAQ advanced 91.96 points or 0.58 percent to close at 16,031.54 and the S&P 500 rose 26.11 points or 0.51 percent to end at 5,104.76.

The rebound on Wall Street reflected a positive reaction to congressional testimony by Federal Reserve Chair Jerome Powell.

Powell told the House Financial Services Committee it will likely be appropriate for the Fed to begin lowering interest rates at "some point this year," although he reiterated officials need "greater confidence" inflation is moving sustainably toward 2 percent.

In economic news, payroll processor ADP said private sector employment in the U.S. increased by slightly less than expected in February.

Crude oil futures settled higher on Wednesday after data showed large declines in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures for April ended higher by $0.98 or 1.25 percent at $79.13 a barrel.