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Malaysia Stock Market Poised To Extend Winning Streak

by News7

(RTTNews) – The Malaysia stock market has moved higher in five straight sessions, gathering almost 30 points or 1.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,560-point plateau and it’s tipped to add to its winnings again on Wednesday.

The global forecast for the Asian markets is upbeat on optimism over earnings season. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished slightly higher on Tuesday as gains from the financials were offset by weakness from the plantations and telecoms.

For the day, the index perked 2.05 points or 0.13 percent to finish at 1,561.64 after trading between 1,559.81 and 1,567.57.

Among the actives, Axiata sank 0.76 percent, while Celcomdigi skidded 0.97 percent, CIMB Group advanced 0.76 percent, Dialog Group dropped 0.82 percent, Genting was up 0.22 percent, Genting Malaysia rose 0.38 percent, IHH Healthcare jumped 1.46 percent, Inari Amertron gathered 0.33 percent, IOI Corporation fell 0.25 percent, Kuala Lumpur Kepong lost 0.61 percent, Maxis declined 1.14 percent, Maybank climbed 0.82 percent, MISC tumbled 1.63 percent, MRDIY gained 0.67 percent, Petronas Chemicals perked 0.29 percent, PPB Group shed 0.63 percent, Press Metal slumped 1.10 percent, Public Bank collected 0.24 percent, QL Resources increased 0.16 percent, RHB Capital improved 0.18 percent, Sime Darby rallied 1.07 percent, Sime Darby Plantations retreated 1.57 percent, Tenaga Nasional added 0.69 percent and Telekom Malaysia and Hong Leong Financial were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained well in the green throughout the trading day.

The Dow jumped 263.71 points or 0.69 percent to finish at 38,503.69, while the NASDAQ spiked 245.33 points or 1.59 percent to end at 15,696.64 and the S&P 500 rallied 59.95 points or 1.20 percent to close at 5,070.55.

Quarterly earnings guided the markets, with Globe Life, GE Aerospace, Kimberly-Clark and General Motors advancing on strong results.

In economic news, the Commerce Department reported that new home sales jumped more than expected in March, although building permits slumped.

Traders await more economic data this week, including the release of first-quarter U.S. GDP data as well as the core personal-consumption expenditures (PCE) price index, which is the Fed’s preferred measure of inflation.

Oil prices moved higher on Tuesday after data showed a slowdown in U.S. manufacturing activity in April, raising hopes the Federal Reserve will start cutting interest rates soon. West Texas Intermediate crude oil futures for June rose $1.46 or 1.78 percent at $83.36 a barrel.

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

Source : Nasdaq

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