Malaysia Bourse May Again Flirt With 1,500-Point Level

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, collecting more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,495-point plateau and it may open slightly to the upside again on Wednesday.

The global forecast for the Asian markets is erratic and seemingly at the mercy of quarterly earnings, which have varied greatly so far this earnings season. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The KLCI finished slightly higher on Tuesday following gains from the financials and mixed performances from the plantations and telecoms.

For the day, the index rose 4.92 points or 0.33 percent to finish at 1,496.11 after trading between 1,490.20 and 1,500.39.

Among the actives, Axiata tumbled 1.49 percent, while Celcomdigi increased 0.24 percent, CIMB Group advanced 0.84 percent, Genting slumped 0.85 percent, Genting Malaysia sank 0.37 percent, IHH Healthcare rose 0.50 percent, IOI Corporation improved 0.51 percent, Kuala Lumpur Kepong perked 0.18 percent, Maxis gained 0.53 percent, Maybank climbed 0.89 percent, MISC spiked 1.24 percent, MRDIY surged 2.10 percent, Petronas Chemicals rallied 1.19 percent, Press Metal fell 0.21 percent, Public Bank collected 0.23 percent, RHB Capital added 0.54 percent, Sime Darby jumped 1.21 percent, Sime Darby Plantations stumbled 0.91 percent, Telekom Malaysia lost 0.34 percent, Tenaga Nasional was up 0.19 percent, YTL Corporation soared 1.31 percent, YTL Power retreated 1.32 percent and PPB Group was unchanged.

The lead from Wall Street provides little clarity as the major averages opened mixed on Tuesday and closed the same way.

The Dow sank 96.36 points or 0.25 percent to finish at 37,905.45, while the NASDAQ added 65.66 points or 0.43 percent to close at 15,425.94 and the S&P 500 rose 14.17 points or 0.29 percent to end at a fresh record of 4,864.60.

The choppy trading on Wall Street reflected a mixed reaction to the latest earnings news from several big-name companies.

The Dow pulled back off Monday's record closing high amid a steep drop by shares of 3M (MMM), which offered disappointing guidance. Healthcare giant Johnson & Johnson (JNJ) also slumped despite reporting better than expected results.

Meanwhile, shares of telecom giant Verizon (VZ) and consumer products giant Procter & Gamble (PG) surged after reporting better than expected earnings news.

Crude oil futures eased Tuesday amid uncertainty about the outlook for global oil demand and after Libya restarted production at the Sharara oilfield, which was shut for two weeks due to protests. West Texas Intermediate Crude oil futures for March fell $0.39 or 0.5 percent at $74.37 a barrel.

Closer to home, Malaysia will wrap up its monetary policy meeting later today and then announce its decision on interest rates; the bank Is expected to keep its benchmark lending rate steady at 3.00 percent.