Malaysia Stock Market May Add To Its Winnings On Thursday

(RTTNews) - The Malaysia stock market on Wednesday ended the two-day losing streak in which it had dipped more than 5 points or 0.3 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,530-point plateau and it may see additional support on Thursday.

The global forecast for the Asian markets is upbeat on optimism for trade deals. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow that lead.

The KLCI finished modestly higher on Wednesday as the financials, telecoms, plantations and industrials were all mixed to higher.

For the day, the index added 10.39 points or 0.68 percent to finish at the daily high of 1,529.79 after trading as low as 1,519.48.

Among the actives, 99 Speed Mart Retail skyrocketed 3.08 percent, while AMMB Holdings rallied 1.58 percent, Axiata skidded 1.17 percent, Celcomdigi increased 1.06 percent, CIMB Group spiked 1.83 percent, Gamuda gained 0.77 percent, IHH Healthcare picked up 0.30 percent, IOI Corporation soared 2.13 percent, Kuala Lumpur Kepong shed 0.50 percent, Maxis jumped 1.43 percent, Maybank collected 0.63 percent, MISC sank 0.66 percent, MRDIY expanded 1.23 percent, Nestle Malaysia strengthened 1.24 percent, Petronas Chemicals climbed 1.20 percent, Petronas Dagangan slumped 1.32 percent, Petronas Gas rose 0.68 percent, PPB Group fell 0.32 percent, Press Metal improved 1.15 percent, Public Bank lost 0.46 percent, QL Resources retreated 1.35 percent, RHB Bank accelerated 1.79 percent, Sime Darby gathered 0.61 percent, Sunway was up 0.42 percent, Telekom Malaysia perked 0.60 percent, Tenaga Nasional advanced 1.16 percent, YTL Corporation added 0.83 percent, YTL Power surged 1.70 percent and SD Guthrie was unchanged.

The lead from Wall Street is strong as the major averages opened with modest gains on Wednesday but continued to climb as the day progressed, ending at session highs.

The Dow surged 507.85 points or 1.14 percent to finish at 45,010.29, while the NASDAQ jumped 127.33 points or 0.61 percent to close at a record 21,020.02 and the S&P 500 gained 49.29 points or 0.78 percent to end at 6,358.91, also a record.

The strength on Wall Street came after President Donald Trump announced trade deals with Japan and the Philippines.

The announcement of these trade deals spurred expectations of further trade agreements as the Aug. 1 deadline nears.

On the U.S. economic front, a report released by the National Association of Realtors showed existing home sales in the U.S. pulled back by more than expected in the month of June.

Crude oil prices dipped slightly on Wednesday as uncertainty persists in U.S. trade talks ahead of the deadline. West Texas Intermediate crude for September delivery eased $0.06 to $65.25 per barrel.