Malaysia Bourse May Extend Thursday's Gains

(RTTNews) - The Malaysia stock market on Thursday wrote a finish to the two-day losing streak in which it had slipped 8 points or 0.5 percent. The Kuala Lumpur Composite Index now sits just above the 1,535-point plateau and it may see additional support on Friday.

The global forecast for the Asian markets is upbeat on growing optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The KLCI finished slightly higher on Thursday following gains from the telecoms and plantations and a mixed picture from the financial sector.

For the day, the index rose 4.32 points or 0.28 percent to finish at 1,535.83 after trading between 1,531.70 and 1,539.60.

Among the actives, AMMB slumped 1.00 percent, while Axiata gained 0.37 percent, Celcomdigi surged 2.39 percent, CIMB Group improved 0.15 percent, Genting spiked 1.45 percent, Genting Malaysia gathered 0.35 percent, IHH Healthcare rallied 0.67 percent, Kuala Lumpur Kepong was up 0.09 percent, Maxis fell 0.28 percent, Maybank collected 0.62 percent, MRDIY sank 0.66 percent, Petronas Chemicals lost 0.29 percent, Petronas Gas shed 0.45 percent, PPB Group soared 1.56 percent, Press Metal advanced 0.44 percent, RHB Capital rose 0.36 percent, Sime Darby climbed 0.38 percent, Sime Darby Plantations accelerated 0.70 percent, Telekom Malaysia perked 0.17 percent, YTL Corporation added 9,39 percent, YTL Power slid 0.26 percent and MISC, Public Bank, QL Resources, Tenaga Nasional, IOI Corporation and Hong Leong Bank were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Thursday and remained solidly in the green throughout the session, with the S&P and NASDAQ hitting fresh closing highs.

The Dow climbed130.30 points or 0.34 percent to finish at 38,791.35, while the NASDAQ surged 2.41.83 points or 1.51 percent to end at 16,273.38 and the S&P 500 rallied 52.60 points or 1.03 percent to close at 5,157.36.

The extended rebound on Wall Street came on optimism about the outlook for interest rates after Federal Reserve Chair Jerome Powell told Congress on Thursday that rate cuts "can and will" begin this year.

Adding to the optimism about interest rates, the European Central Bank lowered its annual inflation forecast while announcing its widely expected decision to leave rates unchanged.

Potentially adding to the buying interest on Wall Street, treasury yields saw further downside on the day, with the ten-year yield falling to its lowest closing level in a month.

Oil prices drifted lower on Thursday amid some concerns about the outlook for demand, although the downside was limited by a weaker greenback. West Texas Intermediate Crude oil futures for April fell $0.20 or 0.3 percent at $78.93 a barrel.