Malaysia Stock Market May Add To Its Winnings On Wednesday

(RTTNews) - The Malaysia stock market bounced higher again on Tuesday, one day after it had ended the four-day winning streak in which it had risen almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,610-point plateau and it's tipped to open to the upside again on Wednesday.

The global forecast for the Asian markets is fairly optimistic on easing oil prices and strength among the technology companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished modestly higher on Tuesday as gains from the technology and energy companies were capped by weakness among the financial shares and telecoms.

For the day, the index rose 7.49 points or 0.47 percent to finish at 1,611.85 after trading between 1,606.14 and 1,611.94.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed on Tuesday; the S&P 500 and NASDAQ moved firmly into positive territory, while the Dow hugged the line all day and just barely managed to finish in the green.

The Dow rose 15.99 points or 0.03 percent to finish at 52,377.57, while the NASDAQ rallied 308.43 points or 1.18 percent to end at 26,477.81 and the S&P 500 added 45.83 points or 0.60 percent to end at 7,722.60.

Tech stocks continued to recover from the sharp pullback seen late last week amid renewed optimism about the artificial intelligence trade after AI giant Anthropic publicly filed for an initial public offering on Monday.

Potentially adding to the positive mood around AI, Nvidia (NVDA) and Meta (META) have announced they will partner to expand their work on Muse and the Muse family of models.

Corporate earnings were a mixed bag as JetBlue (JBLU) and UPS (UPS) reported strong results, while Boeing (BA) disappointed.

Crude oil prices slumped again on Tuesday on efforts by regional intermediaries in the gulf to defuse Middle East tensions. West Texas Intermediate crude for December delivery sank $1.73 or 1.70 percent at $100.03 per barrel.