Rebound Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last six trading days since the end of the four-day losing streak in which it had dropped more than 30 points or 2 percent. The Kuala Lumpur Composite Index now sits just above the 1,680-point plateau although it's expected to bounce higher again on Thursday.

The global forecast for the Asian markets is murky, with profit taking warring with support from the oil and technology sectors. The European and U.S. markets were mixed and the Asian bourses are expected to behave similarly.

The KLCI finished slightly lower on Wednesday following losses from the financial shares and mixed performances from the telecoms, plantations and industrials.

For the day, the index slipped 4.70 points or 0.28 percent to finish at 1,683.42 after trading between 1,680.46 and 1,695.68. Among the actives, 99 Speed Mart Retail improved 0.89 percent, while AMMB Holdings climbed 1.33 percent, Axiata surged 3.72 percent, Celcomdigi and PPB Group both dropped 0.68 percent, CIMB Group sank 0.66 percent, Gamuda rallied 1.47 percent, IHH Healthcare lost 0.57 percent, IOI Corporation retreated 1.16 percent, Kuala Lumpur Kepong rose 0.19 percent, Maxis strengthened 1.41 percent, Maybank collected 0.18 percent, MISC plunged 2.15 percent, MRDIY advanced 1.31 percent, Nestle Malaysia eased 0.04 percent, Petronas Chemicals plummeted 4.58 percent, Petronas Dagangan increased 0.88 percent, Petronas Gas tumbled 1.97 percent, Press Metal added 0.63 percent, Public Bank slumped 0.86 percent, RHB Bank shed 0.62 percent, Sunway jumped 1.53 percent, Sunway Healthcare fell 0.54 percent, Telekom Malaysia vaulted 1.44 percent, Tenaga Nasional stumbled 1.26 percent, YTL Corporation slipped 0.50 percent, YTL Power declined 1.08 percent and Sime Darby and SD Guthrie were unchanged.

The lead from Wall Street provides little clarity as the major averages opened higher on Wednesday, although the Dow splintered off and finished slightly under water.

The Dow shed 72.27 points or 0.15 percent to finish at 48,463.72, while the NASDAQ jumped 376.93 points or 1.59 percent to end at a record 24,016.02 and the S&P 500 gained 55.57 points or 0.80 percent to close at 7,022.95, also a record.

The extended surge by the NASDAQ reflected strength among tech stocks, with Broadcom (AVGO) helping to lead the sector higher after the chip maker announced a multi-year strategic partnership with Meta's (META).

Traders also expressed optimism about a resolution of the conflict in the Middle East even as they await additional details about another round of peace talks between the U.S. and Iran.

Crude oil edged higher on Wednesday as traders weighed the prospects of success in the upcoming U.S-Iran talks against the ongoing U.S. blockade on all Iranian ports across the Strait of Hormuz, which is keeping the supply concerns alive. West Texas Intermediate crude for May was up $0.36 or 0.39 percent at $91.64 per barrel.