Malaysia Bourse May See Additional Support

(RTTNews) - The Malaysia stock market on Wednesday ended the seven-day losing streak in which it had slumped more than 25 points or 1.5 percent. The Kuala Lumpur Composite Index now sits just above the 1,590-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is mixed and flat ahead of key economic data in the coming days. The European markets were slightly lower and the U.S. bourses saw mild gains and the Asian markets figure to split the difference.

The KLCI finished modestly higher on Wednesday as the financials and telecoms were mostly in the green, while the plantations were soft.

For the day, the index rose 5.57 points or 0.35 percent to finish at 1,590.95 after trading between 1,581.76 and 1,593.42.

Among the actives, Axiata gained 0.39 percent, while Celcomdigi fell 0.28 percent, CIMB Group jumped 1.20 percent, Genting shed 0.42 percent, Genting Malaysia lost 0.39 percent, IHH Healthcare dipped 0.16 percent, IOI Corporation slumped 0.80 percent, Kuala Lumpur Kepong tumbled 1.43 percent, Maxis rallied 1.15 percent, Maybank collected 0.50 percent, Petronas Chemicals and QL Resources both added 0.46 percent, PPB Group eased 0.14 percent, Press Metal slid 0.17 percent, Public Bank rose 0.25 percent, Sime Darby spiked 1.54 percent, SD Guthrie gathered 0.24 percent, Sunway advanced 0.56 percent, Telekom Malaysia climbed 0.75 percent, Tenaga Nasional sank 0.57 percent, YTL Corporation surged 3.04 percent, YTL Power soared 3.00 percent and MISC, MRDIY and RHB Capital were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened lower on Wednesday and spent most of the day hugging the line before a late push nudged them into the green.

The Dow rose 15.64 points or 0.04 percent to finish at 39,127.80, while the NASDAQ gained 87.50 points or 0.49 percent to close at 17,805.16 and the S&P 500 added 8.50 points or 0.16 percent to end at 5,477.90.

The uncertainty on Wall Street came as investors braced for the release of key U.S. inflation data later this week for clues on the outlook for interest rates.

Bank stocks were in focus ahead of the central bank's annual stress test, while shares of energy firms struggled a bit due to sluggish oil prices.

In economic news, the Commerce Department said new home sales in the U.S. saw a substantial decrease in the month of May, while building permits also slumped.

Crude oil futures fell on Wednesday after data showed a notable increase in crude inventories in the U.S. last week but recovered and eventually ended the day's session slightly higher. West Texas Intermediate Crude oil futures for August rose $0.07 at $80.90 a barrel.