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Financial News: Steady Start Seen For Malaysia Stock Market

Steady Start Seen For Malaysia Stock Market

07/10/2018 - 19:30:00 (RTTNews)

(RTTNews) - The Malaysia stock market has bounced higher in back-to-back trading days, gathering more than 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,685-point plateau and it's called higher again on Wednesday.

The global forecast for the Asian markets is firm on optimism ahead of earnings season and a bump in crude oil prices. The European and U.S. markets were up and the Asian markets should follow suit.

The KLCI finished modestly higher on Tuesday following gains from the financials, plantations and industrials.

For the day, the index advanced 14.50 points or 0.87 percent to finish at the daily high of 1,687.13 after moving as low as 1,675.05. Volume was 1.99 billion shares worth 2.24 billion. There were 455 gainers and 341 decliners.

Among the actives, Astro Malaysia Holdings surged 5.49 percent, while YTL corporation soared 3.51 percent, Telekom Malaysia jumped 2.99 percent, Sime Darby spiked 2.56 percent, Axiata Group advanced 2.46 percent, IOI Corporation climbed 2.02 percent, CIMB Group perked 0.94 percent, Tenaga Nasional added 0.84 percent, Digi.com gained 0.71 percent, IHH Healthcare was up 0.68 percent, Maybank collected 0.66 percent, Petronas Chemicals gathered 0.35 percent, Kuala Lumpur Kepong gained 0.25 percent and Public Bank and Westports Holdings were unchanged.

The lead from Wall Street is upbeat as stocks saw further upside on Tuesday as the S&P 500 reached its best closing level in five months.

The Dow jumped 143.07 points or 0.58 percent to 24,919.66, while the NASDAQ added 3.00 points or 0.04 percent to 7,759.20 and the S&P 500 rose 9.67 points or 0.35 percent to 2,793.84.

The continued strength came as optimism about the upcoming earnings season overshadowed recent trade concerns.

Beverage giant PepsiCo (PEP) released its second quarter results with earnings that beat the street. Financial giants Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report results on Friday.

Oil service stocks showed a strong move to the upside, driving the Philadelphia Oil Service Index up by 1.1 percent. Th at support came amid an increase in the price of crude oil for August delivery, which rose $0.26 to $74.11 a barrel.

Closer to home, the central bank in Malaysia will wrap up its monetary policy meeting today and then announce its decision on interest rates. The bank is widely expected to keep its benchmark lending rate unchanged at 3.25 percent.

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