Malaysia Stock Market May Hand Back Wednesday's Gains

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last five trading days since the end of the three-day slide in which it had slumped more than 20 points or 1.1 percent. The Kuala Lumpur Composite Index now sits just above the 1,715-point plateau although it's likely to head south again on Thursday.

The global forecast for the Asian markets is weak on renewed conflicts in the Middle East, surging crude oil prices and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Wednesday following gains from the plantations and industrials and mixed performances from the financials and telecoms.

For the day, the index perked 3.08 points or 0.18 percent to finish at 1,715.56 after trading between 1,710.79 and 1,720.59.

For the day, the index plummeted 360.42 points or 5.98 percent to finish at 5,663.24 after trading between 5,262.77 and 6,228.52. Volume was 449.29 million shares worth 47.83 trillion won. There were 804 decliners and 91 gainers.

The lead from Wall Street is sharply negative as the major averages opened lower on Wednesday and turned more deeply into the red as the day progressed, ending at session lows.

The late-day sell-off on Wall Street came as treasury yields surged in electronic trading on concerns about the outlook for interest rates even after the Federal Reserve left rates unchanged, although three members voted to increase rates.

Stocks came under pressure early in the day amid a substantial rebound by crude oil prices - which skyrocketed on Wednesday after Iran launched surprise attacks on U.S. bases in Jordan. West Texas Intermediate crude for September delivery was up $5.55 or 7.00 percent at $84.81 per barrel.