Additional Support Anticipated For Malaysia Shares

(RTTNews) - The Malaysia stock market on Tuesday ended the three-day losing streak in which it had stumbled almost 90 points or 5.5 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,575-point plateau and it's tipped to open in the green again on Wednesday.

The global forecast for the Asian markets is cautiously optimistic after recent volatility, with bargain hunting expected. The European markets were mixed and the U.S. bourses were higher and the Asian markets figure to split the difference.

The KLCI finished sharply higher with broadly based gains on Tuesday as it tried to recover from Tuesday's selloff.

For the day, the index advanced 37.91 points or 2.47 percent to finish at 1,574.39 after trading between 1,529.09 and 1,574.39. Among the actives, Axiata increased 2.27 percent, while Celcomdigi perked 1.99 percent, CIMB Group and YTL Corporation both improved 2.71 percent, Genting added 2.14 percent, Genting Malaysia rallied 3.80 percent, IHH Healthcare advanced 2.31 percent, IOI Corporation picked up 1.08 percent, Kuala Lumpur Kepong surged 4.49 percent, Maxis jumped 3.68 percent, Maybank gathered 2.02 percent, MISC climbed 2.63 percent, MRDIY was up 1.53 percent, Nestle Malaysia lost 0.46 percent, Petronas Chemicals skyrocketed 5.08 percent, PPB Group added 0.70 percent, Press Metal gained 2.10 percent, Public Bank collected 1.69 percent, QL Resources expanded 1.87 percent, Sime Darby rose 2.07 percent, SD Guthrie soared 4.43 percent, Sunway accelerated 3.87 percent, Telekom Malaysia spiked 4.17 percent, Tenaga Nasional strengthened 3.65 percent, YTL Power gained 1.01 percent and RHB Capital was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained in the green throughout the trading day.

The Dow jumped 294.39 points or 0.76 percent to finish at 38,997.66, while the NASDAQ rallied 166.77 points or 1.03 percent to end at 16,366.85 and the S&P 500 gained 53.70 points or 1.04 percent to close at 5,240.03.

The support on Wall Street came as investors picked up stocks at reduced levels following Monday's data-induced heavy selling.

Investors also reacted positively to the latest batch of corporate earnings news from the likes of Uber, CSX, Nvidia, Texas Instruments, Microsoft and JP Morgan Chase, among others.

Economic data was also better as the Commerce Department said the U.S. trade deficit narrowed in June. Also, the Atlanta Fed raised its third quarter growth projection for the U.S. economy, citing latest economic data.

Oil futures settled modestly higher on Tuesday, snapping a four-session losing streak, as the shutdown of Libya's 270,000 barrel per day Sharara oil field offered mild support. West Texas Intermediate Crude oil futures for September ended up $0.26 or 0.36 percent at $73.20 a barrel.