Malaysia Bourse May Add To Its Winnings On Thursday

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, collecting almost 35 points or 2.1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,630-point plateau and it may tick higher again on Thursday.

The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates. The European markets were mixed and flat and the U.S. bourses was mild upside and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Wednesday following losses from the telecoms and plantations, while the financials and industrials were mixed. For the day, the index shed 7.76 points or 0.48 percent to finish at 1,622.84 after trading between 1,617.79 and 1,632.95. Among the actives, 99 Speed Mart Retail rallied 2.35 percent, while AMMB Holdings lost 0.65 percent, Axiata and Gamuda both sank 0.78 percent, Celcomdigi tanked 2.06 percent, CIMB Group fell 0.63 percent, IHH Healthcare contracted 1.08 percent, IOI Corporation eased 0.24 percent, Maxis cratered 3.07 percent, Maybank shed 0.77 percent, MISC skidded 0.92 percent, MRDIY plunged 3.16 percent, Nestle Malaysia crashed 3.00 percent, Petronas Chemicals vaulted 1.53 percent, Petronas Dagangan plummeted 3.48 percent, Petronas Gas retreated 1.24 percent, PPB Group declined 1.19 percent, Press Metal surrendered 2.19 percent, Public Bank collected 0.68 percent, QL Resources stumbled 1.91 percent, RHB Bank perked 0.14 percent, Sime Darby slumped 1.03 percent, SD Guthrie dipped 0.38 percent, Sunway jumped 2.26 percent, Telekom Malaysia and YTL Power both dropped 0.91 percent, Tenaga Nasional advanced 0.78 percent, YTL Corporation added 0.47 percent and Kuala Lumpur Kepong was unchanged.

The lead from Wall Street is upbeat as the major averages opened in the red but quickly moved higher and continued to pick up speed through the day, ending near session highs.

The Dow jumped 408.44 points or 0.86 percent to finish at 47,882.90, while the NASDAQ added 40.42 points or 0.17 percent to close at 23,454.09 and the S&P 500 gained 20.35 points or 0.30 percent to end at 6,849.72.

The strength in the broader markets followed the release of a report from payroll processor ADP showing an unexpected decrease by private sector employment in November.

The data added to recently renewed optimism that the Federal Reserve will once again lower interest rates at its monetary policy meeting next week.

CME Group's FedWatch Tool is currently indicating an 89.0 percent chance the Fed will cut rates by another quarter point next week.

Crude oil prices rose on Wednesday as proposed Russia-Ukraine peace talks failed to deliver a breakthrough. West Texas Intermediate crude for January delivery was up $0.23 or 0.39 percent at $58.87 per barrel.