Malaysia Bourse May Extend Tuesday's Gains

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last five trading days since the end of the four-day losing streak in which it had dropped more than 30 points or 2 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,690-point plateau and it may see additional support on Wednesday.

The global forecast for the Asian markets is upbeat on tumbling crude oil prices and hopes for an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The KLCI finished modestly higher on Tuesday following gains from the financials and plantations, weakness from the telecoms and a mixed picture from the industrials.

For the day, the index added 7.60 points or 0.45 percent to finish at 1,688.12 after trading between 1,686.06 and 1,694.16. Among the actives, 99 Speed Mart Retail surged 2.42 percent, while AMMB Holdings was up 0.17 percent, Axiata stumbled 1.83 percent, Celcomdigi slumped 1.33 percent, CIMB Group soared 2.17 percent, Gamuda accelerated 1.75 percent, IHH Healthcare, Sime Darby and Hong Leong Bank all added 0.46 percent, IOI Corporation vaulted 1.17 percent, Kuala Lumpur Kepong retreated 1.74 percent, Maxis gained 0.57 percent, Maybank collected 0.55 percent, MISC sank 0.95 percent, MRDIY skidded 1.29 percent, Nestle Malaysia perked 0.04 percent, Petronas Chemicals tanked 1.99 percent, Petronas Dagangan tumbled 3.57 percent, Petronas Gas dropped 0.98 percent, PPB Group declined 1.34 percent, Press Metal gathered 0.13 percent, Public Bank climbed 0.87 percent, QL Resources rose 0.26 percent, RHB Bank strengthened 1.12 percent, SD Guthrie fell 0.33 percent, Sunway rallied 1.56 percent, Telekom Malaysia shed 0.71 percent, Tenaga Nasional expanded 0.99 percent, YTL Corporation jumped 1.53 percent and YTL Power spiked 1.92 percent.

The lead from Wall Street is firm as the major averages opened solidly in the green on Tuesday and continued to climb as the day progressed, ending at session highs.

The Dow jumped 317.74 points or 0.66 percent to finish at 48,535.99, while the NASDAQ soared 455.35 points or 1.96 percent to end at 23,639.08 and the S&P 500 rallied 81.14 points or 1.18 percent to close at 6,967.38.

The continued strength on Wall Street came amid optimism about a second round of talks between the U.S. and Iran over ending the Middle East conflict.

The news about potential negotiations contributed to a sharp pullback by the price of crude oil. In addition, the International Energy Agency's report cautioning crude oil "demand destruction" weighed on prices. West Texas Intermediate crude for May delivery was down $7.18 or 7.25 percent at $91.90 per barrel.

Adding to the positive sentiment, a report from the Labor Department showed producer prices in the U.S. increased much less than expected last month.