Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, advancing more than 20 points or 1.2 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,710-point plateau and it's tipped to open in the green again on Thursday.

The global forecast continues to be upbeat on optimism over 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 sharply higher on Wednesday following gains from the financial shares, telecoms and industrials, while the plantation stocks were mixed.

For the day, the index climbed 18.54 points or 1.10 percent to finish at 1,708.90 after trading between 1,700.20 and 1,715.94. Among the actives, 99 Speed Mart Retail lost 0.59 percent, while AMMB Holdings expanded 1.82 percent, Axiata increased 0.90 percent, Celcomdigi strengthened 2.03 percent, CIMB Group vaulted 2.12 percent, Gamuda spiked 2.95 percent, IHH Healthcare fell 0.22 percent, Kuala Lumpur Kepong perked 0.09 percent, Maxis retreated 1.94 percent, Maybank rallied 2.64 percent, MISC tumbled 2.84 percent, MRDIY sank 0.65 percent, Nestle Malaysia advanced 1.59 percent, Petronas Chemicals plummeted 11.04 percent, Petronas Dagangan gained 0.73 percent, Petronas Gas climbed 1.67 percent, PPB Group slumped 0.83 percent, Press Metal shed 0.63 percent, Public Bank collected 1.92 percent, RHB Bank jumped 2.25 percent, Sime Darby added 0.88 percent, SD Guthrie dropped 0.66 percent, Sunway skyrocketed 7.92 percent, Sunway Healthcare surged 6.50 percent, Telekom Malaysia rose 0.28 percent, Tenaga Nasional improved 1.29 percent, YTL Corporation soared 3.55 percent, YTL Power accelerated 2.67 percent and IOI Corporation was unchanged.

The lead from Wall Street is firm as the major averages opened higher on Wednesday and remained in the green throughout the trading day, although ending off session highs.

The Dow jumped 224.23 points or 0.48 percent to finish at 46,565.74, while the NASDAQ rallied 250.32 points or 1.16 percent to end at 21,840.95 and the S&P 500 gained 46.80 points or 0.72 percent to close at 6,575.32.

The extended the rally on Wall Street came amid optimism about an end to the U.S. war with Iran following the latest comments by President Donald Trump, who said he expects U.S. military forces to leave Iran in "two or three weeks."

The price of crude oil has extended Tuesday's pullback following Trump's comments, with U.S. crude oil futures falling below $100 a barrel.

Crude oil has plummeted on Wednesday after Trump's comments, even if the Strait of Hormuz remains blocked and U.S. goals are not completely met. West Texas Intermediate crude for May delivery was down $1.68 or 1.66 percent at $99.70 per barrel.