Malaysia Bourse May Add To Its Gains On Thursday

(RTTNews) - The Malaysia stock market has moved higher in two straight sessions, gathering more than 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,575-point plateau and it's expected to open in the green again on Thursday.

The global forecast for the Asian markets is upbeat following a drop in U.S. treasury yields. The European markets were mixed and the U.S bourses were slightly higher and the Asian markets figure to split the difference.

The KLCI finished modestly higher on Wednesday following gains from the industrials and mixed performances from the financials, properties and telecoms.

For the day, the index added 9.95 points or 0.64 percent to finish at 1,574.51 after trading between 1,564.43 and 1,576.45.

Among the actives, 99 Speed Mart Retail added 0.87 percent, while Axiata lost 0.45 percent, Celcomdigi increased 1.08 percent, CIMB Group dipped 0.24 percent, Gamuda surged 4.78 percent, IHH Healthcare rose 0.56 percent, IOI Corporation rallied 2.15 percent, Kuala Lumpur Kepong strengthened 1.81 percent, Maxis sank 0.57 percent, Maybank fell 0.39 percent, MISC accelerated 3.16 percent, MRDIY dropped 0.60 percent, Nestle Malaysia advanced 1.31 percent, Petronas Chemicals shed 0.46 percent, PPB Group climbed 1.37 percent, Press Metal improved 1.22 percent, Public Bank collected 0.91 percent, QL Resources skidded 1.08 percent, RHB Bank perked 0.16 percent, Sime Darby jumped 1.83 percent, SD Guthrie slumped 0.61 percent, Telekom Malaysia slid 0.30 percent, Tenaga Nasional gained 0.59 percent, YTL Corporation spiked 3.72 percent, YTL Power soared 4.28 percent and Sunway was unchanged.

The lead from Wall Street is positive after the major averages opened lower on Wednesday but turned higher into the green as the day progressed, ending at session highs.

The Dow rallied 317.24 points or 0.71 percent to finish at 44,873.28, while the NASDAQ added 38.31 points or 0.19 percent to close at 19,692.33 and the S&P 500 gained 23.60 points or 0.39 percent to end at 6,061.48.

The rebound on Wall Street came amid a notable move to the downside by treasury yields, with the yield on the benchmark ten-year note slumping to its lowest closing level in well over a month.

Yields tumbled after the Treasury Department said its current auction sizes leave it well positioned to address potential changes to the fiscal outlook. Based on projected borrowing needs, the Treasury anticipates maintaining long-term securities auction sizes for at least the next several quarters.

In economic news, the Institute for Supply Management said service sector growth in the U.S. unexpectedly slowed modestly in January. Also, payroll processor ADP said private sector employment in the U.S. increased more than expected last month.

Oil prices settled sharply lower Wednesday after data showed a sharp jump in U.S. crude inventories last week. Concerns about the outlook for oil demand also weighed on prices. West Texas Intermediate Crude oil futures for March settled at $71.03 a barrel, losing $1.67 or 2.29 percent.