Malaysia Bourse Due For Support On Thursday

(RTTNews) - The Malaysia stock market has tracked lower in five straight sessions, slumping more than 80 points or 5.3 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,485-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is positive on bargain hunting and an improved outlook for interest rates. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the former lead.

The KLCI finished sharply lower on Wednesday following losses from the financial shares and construction companies, while the industrials and plantations were mixed.

For the day, the index stumbled 35.32 points or 2.32 percent to finish at 1,484.83 after trading between 1,478.84 and 1,505.33.

Among the actives, 99 Speed Mart Retail added 0.51 percent, while Axiata fell 0.56 percent, Celcomdigi perked 0.28 percent, CIMB Group tumbled 3.58 percent, Gamuda plummeted 7.14 percent, IHH Healthcare skidded 1.93 percent, IOI Corporation lost 0.81 percent, Kuala Lumpur Kepong gained 0.49 percent, Maxis sank 1.53 percent, Maybank stumbled 3.60 percent, MRDIY soared 2.31 percent, Nestle Malaysia slid 0.40 percent, Petronas Chemicals rallied 1.10 percent, Petronas Gas jumped 1.81 percent, PPB Group surged 3.01 percent, Press Metal dropped 1.62 percent, Public Bank tanked 4.20 percent, QL Resources dipped 0.21 percent, RHB Bank shed 0.87 percent, Sime Darby declined 2.83 percent, SD Guthrie rose 0.42 percent, Sunway plunged 5.66 percent, Tenaga Nasional retreated 2.99 percent, YTL Corporation slumped 2.17 percent, YTL Power surrendered 3.88 percent and MISC and Telekom Malaysia were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday before dipping and then rebounding to finally end mixed.

The Dow sank 82.55 points or 0.20 percent to finish at 41,350.93, while the NASDAQ rallied 212.35 points or 1.22 percent to close at 17,648.45 and the S&P 500 gained 27.23 points or 0.49 percent to end at 5,599.30.

The early strength on Wall Street followed the release of the closely watched Labor Department report showing consumer prices in the U.S. increased slightly less than expected in February.

The tamer-than-expected inflation data led to some optimism about the Federal Reserve resuming interest rate cuts in the near future.

Buying interest was somewhat subdued, however, as concerns about the impact of new trade policies continue to weigh on the markets.

Oil prices moved higher on Wednesday after data showed a smaller than expected increase in U.S. crude oil inventories last week. West Texas Intermediate Crude oil futures for April closed higher by $1.43 or 2.16 percent at $67.68 a barrel.