Win Streak May Continue For Malaysia Stock Market
(RTTNews) - The Malaysia stock market has finished higher in three straight sessions, collecting more than 40 points or 2.5 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,720-point plateau and it's tipped to open in the green again on Wednesday.
The global forecast for the Asian markets is positive on an improved outlook for interest rates. 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, telecoms and industrials, while the plantations were soft.
For the day, the index climbed 21.50 points or 1.27 percent to finish at the daily high of 1,719.94 after moving as low as 1,698.21.
The lead from Wall Street is fairly upbeat as the major averages opened mixed on Tuesday but all managed to be in the green by the day's end.
The Dow rose 10.02 points or 0.02 percent to finish at 52,508.66, while the NASDAQ jumped 233.83 points or 0.90 percent to close at 26,107.01 and the S&P 500 collected 28.54 points or 0.38 percent to end at 7,543.88.
The strength on Wall Street followed the release of a closely watched Labor Department report showing consumer prices in the U.S. fell more than expected in June.
The weaker-than-expected inflation data helped ease recent concerns about the outlook for inflation and the possibility of higher interest rates.
The ongoing conflict in the Middle East and a rebound in oil prices limited the upside.
Crude oil prices moved higher again on Tuesday amid concerns about the escalating conflict between the U.S. and Iran. West Texas Intermediate crude for August delivery was up $0.94 or 1.2 percent to $79.08 a barrel.
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