Malaysia Bourse May See Continued Strength On Wednesday

(RTTNews) - The Malaysia stock market has finished higher in three straight sessions, advancing more than 25 points or 1.6 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,750-point plateau and it's expected to open to the upside again on Wednesday.

The global forecast for the Asian markets is positive, thanks to easing crude oil prices. 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 modestly higher again on Tuesday following gains from the plantations, industrials and telecoms, while the financial sector came in mixed.

For the day, the index added 7.66 points or 0.44 percent to finish at 1,747.43 after trading between 1,732.64 and 1,747.82. Among the actives, AMMB Holdings advanced 0.80 percent, while Axiata added 0.42 percent, Celcomdigi accelerated 1.97 percent, CIMB Group soared 2.60 percent, Gamuda fell 0.23 percent, IHH Healthcare dropped 0.45 percent, IOI Corporation rose 0.23 percent, Kuala Lumpur Kepong gained 0.37 percent, Maxis increased 0.56 percent, Maybank slumped 0.71 percent, MISC rallied 1.67 percent, MRDIY vaulted 1.23 percent, Nestle Malaysia tumbled 2.02 percent, Petronas Chemicals surged 3.86 percent, Petronas Dagangan strengthened 1.19 percent, PPB Group sank 0.36 percent, Press Metal jumped 1.25 percent, RHB Bank lost 0.24 percent, Sime Darby improved 0.46 percent, Sunway retreated 1.28 percent, Sunway Healthcare declined 1.06 percent, Telekom Malaysia spiked 2.50 percent, YTL Corporation contracted 0.95 percent, YTL Power shed 0.25 percent and 99 Speed Mart Retail, Public Bank, Tenaga Nasional, Petronas Gas and SD Guthrie were unchanged.

The lead from Wall Street is firm as the major averages started higher and picked up steam as the day progressed, finishing near daily highs.

The Dow jumped 356.35 points or 073 percent to finish at 49,298.25, while the NASDAQ rallied 258.32 points or 1.03 percent to end at a record 25,326.13 and the S&P 500 gained 58.47 points or 0.81 percent to close at 7,259.22, also a record.

The strength on Wall Street came amid a sharp pullback by the price of crude oil, with U.S. crude oil futures plunging by more than 3 percent after spiking by more than 4 percent on Monday.

Crude oil prices plummeted on Tuesday after U.S. attempts to unblock Strait of Hormuz traffic boosted market sentiments and eased supply concerns. West Texas Intermediate crude for June delivery was down $3.80 or 3.57 percent at $102.62 per barrel.

A positive reaction to some of the latest earnings news also contributed to the strength on Wall Street, led by Anheuser-Busch InBev (BUD), which handily beat the street.

In U.S. economic news, a report released by the Institute for Supply Management showed a slight slowdown in the pace of growth in U.S. service sector activity in the month of April.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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