Malaysia Stock Market Tipped To Open In The Green

(RTTNews) - The Malaysia stock market has moved higher in two straight sessions, collecting more than 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,605-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is cautiously optimistic on hopeful signs for the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The KLCI finished slightly higher on Tuesday following mixed performances from the financial shares, plantations and telecoms.

For the day, the index perked 2.97 points or 0.19 percent to finish at 1,605.88 after trading between 1,601.44 and 1,607.42.

Among the actives, Axiata lost 0.35 percent, while Celcomdigi slid 0.25 percent, CIMB Group dipped 0.15 percent, Genting tumbled 1..26 percent, Genting Malaysia dropped 0.74 percent, IHH Healthcare sank 0.63 percent, IOI Corporation rallied 1.24 percent, Kuala Lumpur Kepong shed 0.44 percent, Maxis jumped 1.39 percent, Maybank perked 0.10 percent, MISC added 0.49 percent, Petronas Chemicals climbed 1.16 percent, PPB Group was down 0.15 percent, Press Metal advanced 0.56 percent, Public Bank slipped 0.24 percent, RHB Capital eased 0.18 percent, Sime Darby rose 0.35 percent, Sime Darby Plantations gained 0.44 percent, Telekom Malaysia increased 0.16 percent, Tenaga Nasional improved 0.32 percent and QL Resources, MRDIY, Petronas Gas, Dialog Group, Inari Amertron, AMMB Holdings and Nestle Malaysia were unchanged.

The lead from Wall Street is positive as the major averages spent most of Tuesday hugging the unchanged line before a late push bumped them firmly into the green.

The Dow climbed 126.60 points or 0.32 percent to finish at 39,558.11, while the NASDAQ rallied 122.94 points or 0.75 percent to close at 16,511.18 and the S&P 500 added 25.26 points or 0.48 percent to end at 5,246.68.

The higher close on Wall Street came as treasury yields moved to the downside after an early advance, with the yield on the benchmark ten-year note falling to its lowest closing level in over a month.

Treasury yields initially moved higher following the release of a Labor Department report showing producer prices in the U.S. increased by more than expected in the month of April.

However, while the report initially generated renewed uncertainty about the outlook for interest rates, some economists pointed to the downward revisions to the March data as a positive sign.

Oil futures settled lower Tuesday as data showing a bigger than expected increase in U.S. producer prices raised concerns that Federal Reserve will keep interest rates higher for a longer period. West Texas Intermediate Crude oil futures for June sank $1.10 or about 1.4 percent at $78.02 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.


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