Malaysia Bourse May Run Out Of Steam On Thursday

(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, rising more than 6 points or 0.4 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,465-point plateau although it may be stuck in neutral on Thursday.

The global forecast for the Asian markets is weak on renewed concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Wednesday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index rose 3.23 points or 0.22 percent to finish at 1,463.51 after trading between 1,458.37 and 1,464.27.

Among the actives, Axiata advanced 0.75 percent, while Celcomdigi eased 0.23 percent, CIMB Group climbed 0.88 percent, Dialog Group tumbled 2.21 percent, Genting surged 2.70 percent, Genting Malaysia jumped 1.13 percent, IOI Corporation rose 0.25 percent, Kuala Lumpur Kepong fell 0.26 percent, Maxis gained 0.50 percent, MISC was up 0.14 percent, MRDIY added 0.64 percent, Petronas Chemicals improved 0.74 percent, PPB Group dropped 0.74 percent, Press Metal perked 0.41 percent, Public Bank sank 0.48 percent, RHB Capital collected 0.35 percent, Sime Darby Plantations spiked 1.14 percent, Telekom Malaysia lost 0.39 percent, Tenaga Nasional rallied 1.01 percent and Westports Holdings, IHH Healthcare, Maybank, Sime Darby and Petronas Dagangan were unchanged.

The lead from Wall Street is negative as the major averages opened slightly higher on Wednesday but quickly turned lower and ended solidly in the red.

The Dow dropped 180.65 points or 0.52 percent to finish at 34,765.74, while the NASDAQ tumbled 156.42 points or 1.15 percent to close at 13,474.63 and the S&P 500 sank 33.53 points or 076 percent to end at 4,404.33.

The weakness that emerged on Wall Street followed the release of the minutes from the Federal Reserve's July meeting, which said "most of the central bank officials continued to see significant upside risks to inflation, which could require further tightening of monetary policy."

In economic news, U.S. industrial and manufacturing production both eased in July, while building permits and housing starts saw mild upside.

Crude oil prices slipped Wednesday amid worries about the outlook for energy demand from China and uncertainty over interest rates. West Texas Intermediate Crude oil futures for September shed $1.61 or 2 percent at $79.38 a barrel.