Additional Support Expected For Malaysia Bourse

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(RTTNews.com) – The Malaysia stock market has finished higher in two of three trading days since the end of the five-day slide in which it had tumbled almost 30 points or 1.8 percent. The Kuala Lumpur Composite Index now rests just above the 1,720-point plateau and it may move higher again on Wednesday.

The global forecast for the Asian markets is upbeat thanks to solid earnings news and a bounce in crude oil prices. The European and U.S. markets were up and the European bourses figure to follow suit.

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

Among the actives, Telekom Malaysia surged 2.84 percent, while IHH Healthcare climbed 1.07 percent, IOI Corporation jumped 0.90 percent, Maxis added 0.84 percent, YTL Corporation shed 0.83 percent, Petronas Chemicals lost 0.69 percent, Digi.com fell 0.66 percent, CIMB Group retreated 0.50 percent, Tenaga Nasional advanced 0.40 percent, Sime Darby dipped 0.22 percent and Public Bank, Maybank and Axiata were unchanged.

The lead from Wall Street is firm as stocks moved higher on Tuesday, allowing the major averages to hit new record closing highs.

The Dow climbed 160.50 points or 0.69 percent to 23,590.83, while the NASDAQ jumped 71.76 points or 1.06 percent to 6,862.48 and the S&P added 16.89 points or 0.65 percent to 2,599.03.

Upbeat earnings news also contributed to the continued strength on Wall Street as Hormel Foods (HRL) and retailer Urban Outfitters (URBN) both reported better than expected Q3 results, while Lowe’s (LOW) and Campbell Soup (CPB) missed.

In economic news, the National Association of Realtors reported a much than expected jump in existing home sales in October.

Crude oil futures were slightly higher as OPEC meets next week to determine if it will extend its supply quota plan through 2018. January WTI oil gained 41 cents or 0.7 percent to $56.83/bbl.

Closer to home, Malaysia will provide October figures for consumer prices later today; in September, inflation was up 0.3 percent on month and 4.3 percent on year.

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