Malaysia Shares Tipped To Open In The Green
(RTTNews) - The Malaysia stock market has moved higher in two of three trading days since the end of the three-day slide in which it had slumped more than 15 points or 1 percent. The Kuala Lumpur Composite Index now rests just above the 1,625-point plateau and it's expected to open to the upside again on Thursday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow suit.
The KLCI finished modestly higher on Wednesday following gains from the financial shares and plantation stocks, while the telecoms were mixed.
For the day, the index advanced 13.63 points or 0.85 percent to finish at 1,625.57 after trading between 1,611.60 and 1,627.94.
Among the actives, Axiata lost 0.41 percent, while Celcomdigi improved 1.06 percent, CIMB Group surged 3.05 percent, Genting jumped 1.28 percent, Genting Malaysia strengthened 1.17 percent, IHH Healthcare rallied 1.29 percent, IOI Corporation rose 0.26 percent, Kuala Lumpur Kepong and MRDIY both added 0.96 percent, Maxis fell 0.28 percent, Maybank accelerated 1.39 percent, MISC spiked 1.50 percent, Petronas Chemicals tumbled 1.86 percent, PPB Group soared 1.51 percent, Press Metal climbed 1.13 percent, Public Bank collected 0.72 percent, RHB Capital gained 0.88 percent, Sime Darby sank 0.76 percent, SD Guthrie was up 0.22 percent, Sunway shed 0.46 percent, Tenaga Nasional eased 0.14 percent, YTL Power advanced 1.08 percent and YTL Corporation, Telekom Malaysia, QL Resources and Hong Leong Financial were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Wednesday and remained in the green throughout the session.
The Dow gained 99.46 points or 0.24 percent to finish at 40,842.79, while the NASDAQ surged 451.98 points or 2.64 percent to end at 17,599.40 and the S&P 500 rallied 85.86 points or 1.58 percent to close at 5,522.30.
The early rally on Wall Street reflected a positive reaction to the latest corporate earnings news from companies like Advanced Micro Devices (AMD), Starbucks (SBUX) and DuPont (DD).
Stocks continued to see strength after the Federal Reserve's monetary policy announcement. While the Fed left interest rates unchanged, as expected, minor changes to the accompanying statement may hint at future rate cuts.
Fed Chair Jerome Powell said in his post-meeting press conference that a rate cut in September would be "on the table" if economic data continues on its current path.
Oil prices rose sharply Wednesday amid concerns about possible supply disruptions due to rising tensions in the Middle East, and on data showing a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $3.18 or 4.3 percent at $77.91 a barrel.