Malaysia Stock Market Poised To Add To Its Winnings

(RTTNews) - The Malaysia stock market on Tuesday snapped the two-day losing streak in which it had fallen more than 30 points or 2.1 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,460-point plateau and it's expected to extend its gains on Wednesday.

The global forecast for the Asian markets is upbeat, with oil, telecom and technology stocks expected to lead the way. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished sharply higher on Tuesday following gains from the financial shares and glove makers, while the plantations and telecoms were mixed.

For the day, the index climbed 16.64 points or 1.15 percent to finish at the daily high of 1,457.88 after trading as low as 1,443.26. Volume was 2.795 billion shares worth 1.867 billion ringgit. There were 687 gainers and 308 decliners.

Among the actives, Axiata improved 1.46 percent, while CIMB Group added 1.22 percent, Dialog Group spiked 3.45 percent, Digi.com strengthened 2.52 percent, Genting climbed 1.99 percent, Genting Malaysia gathered 1.79 percent, Hartalega Holdings surged 4.26 percent, IHH Healthcare jumped 2.53 percent, INARI advanced 1.92 percent, IOI Corporation retreated 1.50 percent, Kuala Lumpur Kepong gained 1.21 percent, Maxis soared 3.79 percent, MISC dropped 0.84 percent, MRDIY increased 1.36 percent, Petronas Chemicals perked 0.21 percent, PPB Group rallied 3.13 percent, Press Metal accelerated 3.27 percent, Public Bank collected 0.90 percent, RHB Capital was up 0.17 percent, Sime Darby Plantations sank 0.67 percent, Telekom Malaysia shed 0.59 percent, Tenaga Nasional rose 0.62 percent, Top Glove skyrocketed 9.64 percent and Maybank and Sime Darby were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and remained solidly in the green throughout the day, closing near session highs.

The Dow surged 641.47 points or 2.15 percent to finish at 30,530.25, while the NASDAQ spiked 270.95 points or 2.51 percent to end at 11,069.30 and the S&P 500 jumped 89.95 points or 2.45 percent to close at 3,764.79.

The rally on Wall Street came as traders picked up stocks at reduced levels following recent weakness in the markets. Bargain hunting also contributed to strength in the overseas markets that carried over onto Wall Street early in the day.

In economic news, the National Association of Realtors noted another steep drop in U.S. existing home sales in May.

Crude oil prices bounced higher again Tuesday, recovering from the selloff in the previous session that was fueled by recession concerns. West Texas intermediate for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel.