The Malaysia stock market has finished higher in three straight sessions, collecting almost 15 points or 0.7 percent along the way. The Kuala Lumpur Composite Index remains just shy of the 1,835-point plateau and it’s called higher again on Thursday.
The global forecast for the Asian markets is upbeat, thanks mainly to a solid bounce in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The KLCI finished slightly higher on Wednesday as gains from the financials and industrials were offset by weakness from the plantations and telecoms.
For the day, the index added 1.91 points or 0.10 percent to finish at 1,834.93 after trading between 1,829.71 and 1,837.80. Volume was 1.93 billion shares worth 1.98 billion ringgit. There were 580 gainers and 338 decliners.
Among the actives, British American Tobacco plummeted 9.98 percent, while IJM Corporation plunged 2.78 percent, Genting Malaysia surged 1.52 percent, YTL Corporation soared 1.43 percent, Petronas Chemicals spiked 1.25 percent, Sime Darby tumbled 1.12 percent, CIMB Group collected 0.87 percent, Genting added 0.68 percent, Tenaga Nasional shed 0.25 percent, Kuala Lumpur Kepong lost 0.24 percent, IOI Corporation climbed 0.21 percent, Maybank gained 0.20 percent, Axiata fell 0.18 percent, Telekom Malaysia eased 0.16 percent and MISC, Digi.com and IHH Healthcare were unchanged.
The lead from Wall Street is positive as stocks shrugged off early weakness before moving sharply higher on Wednesday, adding to gains posted in the three previous sessions.
The Dow jumped 253.04 points or 1.03 percent to 24,893.49, while the NASDAQ soared 130.10 points or 1.86 percent to 7,143.62 and the S&P surged 35.69 points or 1.34 percent to 2,698.63.
In economic news, the Labor Department reported a bigger than expected increase in consumer prices in January. Also, the Commerce Department noted an unexpected decrease in retail sales in January.
Crude oil futures nudged back above $60 a barrel Wednesday as a relatively small build in U.S. oil stockpiles helped crude oil rebound from recent losses. Nymex March oil futures were 2.4 percent higher at $60.60 a barrel, moving back towards January’s four-year peak near $66.
by RTT Staff Writer
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