Malaysia Shares May Open To The Upside On Thursday

(RTTNews) - The Malaysia stock market bounced higher again on Wednesday, one day after snapping the three-day winning streak in which it had collected almost 25 points or 1.6 percent. The Kuala Lumpur Composite Index now sits just above the 1,500-point plateau and it's expected to open to the upside again on Thursday.

The global forecast for the Asian markets is broadly positive on easing concerns over the U.S. Federal Reserve's independence. The European and U.S. markets were firmly higher and the Asian markets are tipped to follow that lead.

The KLCI finished sharply higher on Wednesday following gains from the financial shares, telecoms and industrials, while the plantation stocks were mixed.

For the day, the index climbed 14.94 points or 1.01 percent to finish at the daily high of 1,501.19 after moving as low as 1,493.26.

Among the actives, 99 Speed Mart Retail accelerated 2.76 percent, while Axiata soared 3.57 percent, Celcomdigi jumped 2.45 percent, CIMB Group increased 1.48 percent, Gamuda improved 1.04 percent, IHH Healthcare rose 0.29 percent, IOI Corporation added 0.27 percent, Kuala Lumpur Kepong shed 0.40 percent, Maxis rose 1.13 percent, MISC strengthened 2.40 percent, MRDIY surged 3.66 percent, Nestle Malaysia perked 0.02 percent, Petronas Chemicals skyrocketed 7.14 percent, PPB Group rallied 2.74 percent, Press Metal gained 1.06 percent, Public Bank collected 0.69 percent, QL Resources improved 1.50 percent, Sime Darby added 1.49 percent, Sunway gained 1.16 percent, Telekom Malaysia was up 0.30 percent, Tenaga Nasional gathered 0.75 percent, YTL Corporation spiked 2.82 percent, YTL Power climbed 2.21 percent and Maybank, RHB Bank, SD Guthrie and Petronas Gas were unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Wednesday; they came off the day's highs but still finished solidly in the green.

The Dow soared 419.59 points or 1.07 percent to finish at 39,606.57, while the NASDAQ rallied 407.63 points or 2.50 percent to close at 16,708.05 and the S&P 500 jumped 88.10 points or 1.67 percent to end at 5,375.86.

Stocks surged early after President Donald Trump appeared to soften his stance on Federal Reserve Chair Jerome Powell. Trump's attacks on Powell had led to anxiety on Wall Street about the Fed's independence.

The president also suggested he's willing to take a less confrontational approach to trade talks with China, predicting the current 145 percent tariff on Chinese imports will "come down substantially."

Buying interest waned over the course of the session, however, as traders continue to express concerns about recent volatility in the markets triggered largely by Trump's words.

Crude oil prices moved sharply lower on Wednesday after reports suggested that OPEC may accelerate oil output hikes in June for a second consecutive month. West Texas Intermediate crude for June delivery tumbled $1.52 or 2.4 percent to $62.15 a barrel.