(RTTNews) - The Malaysia stock market has tracked higher in five consecutive trading days, collecting almost 80 points or 4.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,770-point plateau although investors may lock in gains on Wednesday.
The global forecast for the Asian markets suggests mild upside, boosted by gains from the oil, gold and technology sectors. The European and U.S. markets were mixed to higher and the overbought Asian bourses may see mild upside - although they may see profit taking later in the day.
The KLCI finished sharply higher on Tuesday following gains from the financials and industrials, while the plantations were mixed and the telecoms were soft.
For the day, the index jumped 27.18 points or 1.56 percent to finish at the daily high of 1,771.25 after trading as low as 1,749.10. Among the actives, 99 Speed Mart Retail climbed 1.79 percent, while AMMB Holdings strengthened 1.98 percent, Axiata plummeted 5.62 percent, Celcomdigi slumped 1.20 percent, CIMB Group surged 3.83 percent, Gamuda jumped 2.39 percent, IHH Healthcare gained 0.58 percent, IOI Corporation was up 0.49 percent, Kuala Lumpur Kepong dropped 1.00 percent, Maxis increased 1.02 percent, Maybank expanded 2.26 percent, MISC and Petronas Chemicals both advanced 1.50 percent, MRDIY improved 1.06 percent, Nestle Malaysia and SD Guthrie both sank 0.34 percent, Petronas Gas rose 0.54 percent, PPB Group vaulted 2.34 percent, Press Metal spiked 2.91 percent, Public Bank rallied 2.67 percent, QL Resources skidded 1.18 percent, RHB Bank collected 1.45 percent, Sime Darby soared 3.72 percent, Sunway accelerated 2.81 percent, Telekom Malaysia fell 0.25 percent, Tenaga Nasional added 1.00 percent, YTL Corporation stumbled 2.27 percent, YTL Power shed 0.30 percent and Petronas Dagangan was unchanged.
The lead from Wall Street is murky as the major averages opened mixed on Tuesday and stayed that way throughout the trading day.
The Dow tumbled 407.72 points or 0.83 percent to finish at 49,004.68, while the NASDAQ jumped 215.74 points or 0.91 percent to close at 23,817.10 and the S&P 500 added 30.82 points or 0.44 percent to end at 6,981.05.
The strength in the broader markets came as traders remain optimistic ahead of the release of earnings news from big-name tech companies like Microsoft (MSFT), Apple (AAPL) and Meta Platforms (META).
Traders were also cautious ahead of the monetary policy announcement from the Federal Reserve later today. While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the outlook for rates.
In U.S. economic news, the Conference Board reported a significant deterioration in consumer confidence in January - hitting its lowest level since May 2014,.
Crude oil prices soared on Tuesday as U.S. naval forces have started building up near Iran, while Lebanese and Yemeni militias have pledged support to Iran, leading to a heightening of tensions. West Texas Intermediate crude for March delivery was up $1.61 or 2.66 percent at $62.24 per barrel.
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