Win Streak May Continue For Malaysia Stock Market

RTTNews | 272天前

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, collecting almost 16 points or 1.1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it may add to its winnings on Wednesday.

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

The KLCI finished modestly higher on Tuesday as gains from the industrials, telecoms and plantations were capped by weakness from the financial sector.

For the day, the index added 5.70 points or 0.36 percent to finish at 1,603.15 after trading between 1,596.03 and 1,607.76.

Among the actives, Celcomdigi gained 0.85 percent, while CIMB Group shed 0.36 percent, Genting plunged 2.09 percent, Genting Malaysia rallied 2.38 percent, IHH Healthcare jumped 3.00 percent, IOI Corporation was up 0.26 percent, Kuala Lumpur Kepong gathered 0.75 percent, Maxis fell 0.28 percent, Maybank dropped 0.78 percent, MRDIY lost 0.54 percent, Nestle Malaysia slumped 0.95 percent, Petronas Chemicals climbed 1.04 percent, Petronas Dagangan skyrocketed 9.64 percent, PPB Group accelerated 2.62 percent, Press Metal added 0.86 percent, Public Bank sank 0.45 percent, QL Resources rose 0.83 percent, RHB Bank advanced 0.91 percent, Sime Darby spiked 3.57 percent, SD Guthrie strengthened 1.05 percent, Sunway tumbled 1.59 percent, Telekom Malaysia perked 0.31 percent, YTL Corporation surged 5.41 percent, YTL Power soared 4.58 percent and Axiata, Tenaga Nasional, MISC and Petronas Gas were unchanged.

The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.

The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the S&P 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.

The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.

The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."

Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.

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