Malaysia Bourse Predicted To Open In The Green

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day winning streak in which it had gathered more than 7 points or 0.5 percent. The Kuala Lumpur Composite Index now rests just above the 1,435-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the way higher. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The KLCI finished modestly higher on Wednesday as gains from the plantations and industrials were limited by weakness from the glove makers and a mixed picture from the financials.

For the day, the index added 8.22 points or 0.58 percent to finish at 1,436.98 after trading between 1,430.02 and 1,438.37. Volume was 2.466 billion shares worth 1.409 billion ringgit. There were 602 gainers and 271 decliners.

Among the actives, Petronas Chemicals surged 3.01 percent, while Top Glove plummeted 2.94 percent, Petronas Gas soared 2.78 percent, Press Metal spiked 2.38 percent, INARI accelerated 2.30 percent, Hartalega Holdings plunged 2.18 percent Digi.com rallied 2.06 percent, Sime Darby tumbled 1.75 percent, Maxis jumped 1.50 percent, Kuala Lumpur Kepong strengthened 1.32 percent, Axiata climbed 1.13 percent, RHB Capital advanced 1.06 percent, Dialog Group improved 1.00 percent, Hong Leong Financial declined 0.76 percent, Public Bank collected 0.68 percent, IOI Corporation added 0.51 percent, PPB Group sank 0.49 percent, MRDIY gained 0.48 percent, Maybank rose 0.47 percent, Genting lost 0.44 percent, Tenaga Nasional gathered 0.38 percent, Telekom Malaysia fell 0.36 percent, Genting Malaysia increased 0.35 percent, Sime Darby Plantations perked 0.24 percent, CIMB Group dipped 0.20 percent, IHH Healthcare was up 0.16 percent, MISC eased 0.14 percent and Petronas Dagangan and Hong Leong Bank were unchanged.

The lead from Wall Street is positive as the major averages opened mixed and remained that way through much of the session before a late rally pushed them all into the green by the close.

The Dow added 47.79 points or 0.15 percent to finish at 31,874.84, while the NASDAQ surged 184.50 points or 1.58 percent to end at 11,897.65 and the S&P 500 rose 23.21 points or 0.59 percent to close at 3,959.90.

The jump by the NASDAQ reflected strength among tech stocks, which came amid a positive reaction to earnings news from Netflix (NFLX). Semiconductor stocks also turned in a strong performance on the day, with the Philadelphia Semiconductor Index spiking by 2.5 percent.

On the other hand, gold stocks came under pressure over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 3.1 percent. The weakness among gold stocks came as the price of gold for August delivery fell $10.50 to $1,700.20 an ounce.

In U.S. economic news, the National Association of Realtors reported that existing home sales tumbled by much more than expected in June.

Crude oil futures settled lower Wednesday amid concerns about the outlook for gasoline demand during the summer driving season. West Texas Intermediate Crude oil futures for August ended lower by $1.96 or 1.9 percent at $102.26 a barrel on the expiration day.