Malaysia Bourse May Extend Winning Streak

(RTTNews) - The Malaysia stock market has moved higher in four straight sessions, collecting more than 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,620-point plateau and it may tick higher again on Thursday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished modestly higher again on Wednesday as gains from the financial shares and plantations were offset by weakness from the telecoms.

For the day, the index added 8.99 points or 0.56 percent to finish at 1,620.87 after trading between 1,612.62 and 1,624.04. Among the actives, 99 Speed Mart Retail surged 2.55 percent, while AMMB Holdings rallied 1.24 percent, Axiata lost 0.37 percent, Celcomdigi dropped 0.81 percent, CIMB Group spiked 1.50 percent, Gamuda gained 0.36 percent, IHH Healthcare skyrocketed 5.17 percent, IOI Corporation rose 0.25 percent, Kuala Lumpur Kepong perked 0.10 percent, Maxis soared 1.66 percent, Maybank collected 0.40 percent, MRDIY shed 0.61 percent, Nestle Malaysia jumped 1.23 percent, Petronas Chemicals added 0.47 percent, Petronas Dagangan accelerated 1.31 percent, Petronas Gas improved 0.54 percent, Press Metal increased 0.34 percent, Public Bank and QL Resources both advanced 0.69 percent, RHB Bank strengthened 0.91 percent, Sime Darby stumbled 2.19 percent, Sunway climbed 0.88 percent, Telekom Malaysia fell 0.14 percent, Tenaga Nasional slumped 0.91 percent, YTL Corporation sank 0.72 percent, YTL Power gathered 0.24 percent and PPB Group, SD Guthrie and MISC were unchanged.

The lead from Wall Street remains cautiously optimistic as the major averages opened lower on Wednesday but trended higher through the session and ended with modest gains.

The Dow added 43.21 points or 0.09 percent to finish at a record 46,441.10, while the NASDAQ gained 95.15 points or 0.42 percent to close at 22.755.16 and the S&P 500 rose 22.74 points or 0.34 percent to end at 6,711.20, also a record.

The initial pullback came after the U.S. government officially shut down early this morning after lawmakers failed to pass a temporary spending bill.

However, the early selling pressure was offset by optimism about the outlook for interest rates following the release of disappointing private sector employment data.

The subsequent turnaround also came as analysts pointed out that the markets have historically not been materially impacted by government shutdowns.

Crude oil prices fell sharply again Wednesday on concerns of excess supply after OPEC said it will hike output more than expected in November. West Texas Intermediate crude for November delivery was down by $0.60 or 0.96 percent at $61.77 per barrel.