Malaysia Stock Market Tipped To Open In The Green

(RTTNews) - The Malaysia stock market has moved higher in seven straight sessions, collecting almost 60 points or 4 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,585-point plateau and it's got a positive lead again for Thursday's trade.

The global forecast for the Asian markets is positive on continued optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to at least open in similar fashion, although profit taking may be in order later in the day.

The KLCI finished sharply higher again on Wednesday following gains from the financial shares, plantation stocks and telecoms.

For the day, the index advanced 18.70 points or 1.19 percent to finish at 1,586.60 after trading between 1,569.07 and 1,590.61.

Among the actives, 99 Speed Mart Retail was up 0.42 percent, while AMMB Holdings surged 4.17 percent, Axiata accelerated 2.66 percent, Celcomdigi jumped 2.40 percent, CIMB Group rallied 2.57 percent, Gamuda perked 0.18 percent, IHH Healthcare increased 1.32 percent, IOI Corporation added 0.52 percent, Kuala Lumpur Kepong strengthened 1.94 percent, Maxis expanded 2.03 percent, Maybank improved 1.54 percent, MISC dipped 0.13 percent, MRDIY gained 0.63 percent, Nestle Malaysia sank 0.45 percent, Petronas Chemicals plummeted 9.09 percent, Petronas Dagangan dropped 0.76 percent, Petronas Gas rose 0.85 percent, PPB Group lost 0.33 percent, Press Metal added 1.26 percent, Public Bank collected 0.91 percent, QL Resources expanded 0.48 percent, RHB Bank advanced 1.57 percent, Sime Darby spiked 3.09 percent, SD Guthrie gathered 0.81 percent, Sunway shed 0.42 percent, Telekom Malaysia soared 3.29 percent, Tenaga Nasional climbed 1.62 percent, YTL Corporation slumped 0.77 percent and YTL Power gained 0.94 percent.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and largely spent the day in positive territory.

The Dow surged 463.66 points or 1.04 percent to finish at 44,922.27, while the NASDAQ added 31.24 points or 0.14 percent to close at a record 21,713.14 and the S&P 500 rose 20.82 points or 0.32 percent to end at 6,466.58, also a record.

The early strength on Wall Street came as stocks continued to benefit from optimism about an interest rate cut by the Federal Reserve following Tuesday's consumer price inflation data.

With the consumer price inflation data largely coming in line with economist estimates, the Fed is widely expected to lower rates by a least a quarter point next month.

CME Group's FedWatch Tool is currently indicating a 93.8 percent chance the Fed will cut rates by 25 basis points in September.

Crude oil prices fell on Wednesday after the International Energy Agency projected oversupply in the market this year due to surging supply from oil producers. West Texas Intermediate crude for September delivery was down $0.55 or 0.87 percent at $62.62 per barrel.