Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in six straight sessions, collecting more than 40 points or 2.7 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,565-point plateau and it's tipped to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KLCI finished slightly higher again on Tuesday following gains from the plantations and mixed performances from the financial shares, industrials and telecoms.

For the day, the index rose 4.66 points or 0.30 percent to finish at 1,567.90 after trading between 1,561.83 and 1,572.97.

Among the actives, 99 Speed Mart Retail increased 0.84 percent, while AMMB Holdings dropped 0.94 percent, Axiata gained 0.38 percent, Celcomdigi slumped 1.06 percent, CIMB Group advanced 1.01 percent, IHH Healthcare stumbled 2.01 percent, IOI Corporation spiked 2.41 percent, Kuala Lumpur Kepong climbed 1.03 percent, Maybank collected 0.62 percent, MISC tanked 1.40 percent, MRDIY sank 0.62 percent, Nestle Malaysia fell 0.36 percent, Petronas Chemicals accelerated 1.54 percent, Petronas Dagangan surged 3.49 percent, PPB Group improved 0.88 percent, Press Metal strengthened 1.28 percent, QL Resources and YTL Power both rose 0.24 percent, RHB Bank lost 0.47 percent, Sime Darby soared 2.53 percent, SD Guthrie added 0.61 percent, Sunway rallied 1.48 percent, Telekom Malaysia jumped 1.45 percent, Tenaga Nasional shed 0.59 percent and Gamuda, Maxis, YTL Corporation, Petronas Gas and Public Bank were unchanged.

The lead from Wall Street is firm as the major averages opened higher and continued to accelerate as the day progressed, ending near session highs.

The Dow surged 483.52 points or 1.10 percent to finish at 44,458.61, while the NASDAQ rallied 296.50 points or 1.39 percent to close at a record 21,681.90 and the S&P 500 climbed 72.31 points or 1.13 percent to end at 6,445.76, also a record.

The strength on Wall Street followed the release of the Labor Department's closely watched report on consumer price inflation for July, which was in line with expectations.

Despite the faster than expected annual core price growth, traders seem to believe the data increases the chances the Federal Reserve will lower interest rates next month.

Following the release of the report, CME Group's FedWatch Tool is indicating a 94.4 percent chance the Fed will cut rates by a quarter point in September.

Crude oil prices slumped on Tuesday ahead of an upcoming meeting between the U.S. and Russian presidents on Friday in Alaska. West Texas Intermediate crude for September delivery was down $0.88 or 1.38 percent at $63.08 per barrel.