Malaysia Stock Market May Add To Its Winnings On Thursday

(RTTNews) - The Malaysia stock market has ticked higher in two straight sessions, adding more than 7 points or 0.4 percent along the way. The Kuala Lumpur Composite Index now rests just shy of the 1,620-point plateau and it's poised to extend its gains again on Thursday.

The global forecast for the Asian markets is upbeat, fueled by technology shares ahead of key inflation data. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The KLCI finished slightly higher on Wednesday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index rose 3.96 points or 0.25 percent to finish at 1,618.38 after trading between 1,613.65 and 1,620.83.

Among the actives, Axiata tumbled 1.97 percent, while Celcomdigi gained 0.56 percent, CIMB Group spiked 1.72 percent, Genting shed 0.66 percent, Genting Malaysia and Maybank both slid 0.40 percent, IOI Corporation lost 0.54 percent, Kuala Lumpur Kepong gathered 0.40 percent, Maxis climbed 0.87 percent, MISC slumped 0.91 percent, MRDIY fell 0.52 percent, Petronas Chemicals dropped 0.80 percent, PPB Group advanced 0.85 percent, Press Metal rose 0.50 percent, Public Bank collected 0.73 percent, RHB Capital eased 0.18 percent, Sime Darby sank 0.75 percent, SD Guthrie rallied 1.45 percent, Sunday dipped 0.25 percent, Telekom Malaysia soared 1.76 percent, Tenaga Nasional was down 0.14 percent, YTL Corporation jumped 1.62 percent, YTL Power added 0.58 percent and QL Resources, IHH Healthcare and Petronas Gas were unchanged.

The lead from Wall Street is broadly positive as the major averages opened flat on Wednesday but climbed steadily throughout the day, ending with strong gains near session highs.

The Dow surged 429.39 points or 1.09 percent to finish at 39,721.36, while the NASDAQ rallied 218.16 points or 1.18 percent to end at a record 18,647.45 and the S&P 500 jumped 56.93 points or 1.02 percent to close at 5,633.91 - also a record.

The rally on Wall Street was due to strength among technology stocks, as reflected by the notable advance by the tech-heavy NASDAQ.

Stocks may also have benefitted from optimism about the outlook for interest rates ahead of the release of closely watched consumer price inflation data later today.

During congressional testimony, Federal Reserve Chair Jerome Powell said more good data would strengthen the central bank's confidence inflation is moving sustainably toward its 2 percent target and lead to a potential interest rate cut.

Oil futures settled higher Wednesday after data showed a bigger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for August ended higher by $0.69 at $82.10 a barrel.