Malaysia Stock Market May See Continued Strength

(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, gathering more than 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,445-point plateau and it may extend its gains again on Wednesday.

The global forecast for the Asian markets is mixed to higher on an improving outlook for interest rates. The European markets were slightly lower and the U.S. bourses were up and the Asian markets are expected to follow the latter lead.

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

For the day, the index perked 0.73 points or 0.05 percent to finish at 1,447.12 after trading between 1,444.26 and 1,447.72.

Among the actives, AMMB Holdings spiked 1.01 percent, while CIMB Group perked 0.17 percent, Dialog Group slumped 1.03 percent, Genting and Sime Darby Plantations both gained 0.22 percent, Genting Malaysia jumped 0.76 percent, IHH Healthcare climbed 0.51 percent, IOI Corporation fell 0.25 percent, Kuala Lumpur Kepong added 0.37 percent, Maxis dropped 0.78 percent, Maybank collected 0.22 percent, MISC sank 0.70 percent, Petronas Chemicals stumbled 1.12 percent, PPB Group rallied 0.55 percent, Press Metal advanced 0.42 percent, RHB Capital and Petronas Dagangan both eased 0.18 percent, Sime Darby soared 1.28 percent, Tenaga Nasional rose 0.20 percent and Westports Holdings, Axiata, Celcomdigi, Telekom Malaysia, Public Bank and MRDIY were unchanged.

The lead from Wall Street is upbeat as the major averages shook off a soft open, quickly moving into the green and finishing well in positive territory.

The Dow advanced 173.01 points or 0.48 percent to finish at 36,577.94, while the NASDAQ jumped 100.91 points or 0.70 percent to close at 14,533.40 and the S&P 500 gained 21.26 points or 0.46 percent to end at 4,643.70.

The strength on Wall Street followed the release of a highly anticipated Labor Department report showing U.S. consumer prices inched up in line with economist estimates in November.

The data has added to optimism about the outlook for interest rates ahead of the Federal Reserve's monetary policy announcement later today.

While the Fed is widely expected to leave interest rates unchanged, traders will be looking to the accompanying statement and projections for signs the central bank could begin cutting rates next year.

Crude oil prices fell to a six-month low Tuesday amid lingering concerns about the outlook for fuel demand and worries about possible oversupply in the market. West Texas Intermediate Crude oil futures for January ended down $2.71 or 3.8 percent at $68.61 a barrel.