Malaysia Bourse May Extend Tuesday's Gains

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day slide in which it had slumped more than 20 points or 1.1 percent. The Kuala Lumpur Composite Index now sits just above the 1,690-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat on optimism for an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished slightly higher on Tuesday following gains from the financial shares and telecoms, while the plantations and industrials were mixed.

For the day, the index perked 2.46 points or 0.15 percent to finish at 1,690.36 after trading between 1,683.98 and 1,695.77. Among the actives, 99 Speed Mart Retail gained 0.29 percent, while AMMB Holdings added 0.30 percent, Axiata vaulted 1.84 percent, Celcomdigi climbed 1.02 percent, CIMB Group advanced 0.94 percent, Gamuda sank 0.53 percent, IHH Healthcare improved 0.90 percent, IOI Corporation dropped 0.71 percent, Kuala Lumpur Kepong perked 0.09 percent, Maxis surged 5.88 percent, Maybank expanded 1.43 percent, MISC rallied 2.80 percent, MRDIY plunged 3.77 percent, Nestle Malaysia rose 0.12 percent, Petronas Chemicals slumped 0.98 percent, Petronas Dagangan retreated 1.44 percent, Petronas Gas stumbled 1.43 percent, PPB Group accelerated 2.92 percent, Press Metal lost 1.11 percent, Public Bank collected 0.43 percent, RHB Bank jumped 2.06 percent, Sime Darby strengthened 1.80 percent, SD Guthrie tanked 2.58 percent, Sunway plummeted 7.69 percent, Telekom Malaysia increased 0.71 percent, Tenaga Nasional tumbled 1.84 percent, YTL Corporation soared 4.97 percent, YTL Power spiked 3.45 percent and Hong Leong Bank was unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and continued to accelerate throughout the day, ending at session highs.

The Dow surged 1,125.37 points or 2.49 percent to finish at 46,341.51, while the NASDAQ rallied 795.99 points or 3.83 percent to end at 21,590.63 and the S&P 500 jumped 184.80 points or 2.91 percent to close at 6,528.52.

Despite the rally on the day, the major averages all posted steep losses for the month of March. The Dow plummeted 5.4 percent, the S&P 500 plunged 5.1 percent and the NASDAQ tumbled 4.8 percent.

The rally on Wall Street followed reports that U.S. President Donald Trump is looking to end the war in the Middle East even if the Strait of Hormuz remains largely closed.

Bargain hunting also contributed to the strength on Wall Street, with the NASDAQ and the S&P 500 bouncing off their lowest closing levels in almost eight months.

Crude oil plummeted Tuesday on reports that Trump was willing to push Iran to reopen the Strait of Hormuz through diplomatic efforts. West Texas Intermediate crude for May delivery was down $1.28 or 1.24 percent at $101.60 per barrel.