Malaysia Bourse May Extend Wednesday's Gains

(RTTNews) - The Malaysia stock market on Wednesday snapped 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 1,715-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is positive on easing oil prices and some optimism for a ceasefire in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly lower on Wednesday as gains from the financial shares and industrials were offset by weakness from the plantations and telecoms.

For the day, the index rose 7.92 points or 0.46 percent to finish at 1,716.68 after trading between 1,711.90 and 1,725.93. Among the actives, 99 Speed Mart Retail dipped 0.28 percent, while AMMB Holdings climbed 1.20 percent, Axiata tumbled 2.15 percent, Celcomdigi tanked 1.92 percent, CIMB Group increased 0.77 percent, Gamuda jumped 1.96 percent, IHH Healthcare rose 0.11 percent, IOI Corporation dropped 0.96 percent, Kuala Lumpur Kepong slumped 1.11 percent, Maxis plunged 2.16 percent, Maybank collected 0.88 percent, MISC surged 6.00 percent, MRDIY spiked 3.12 percent, Nestle Malaysia lost 0.45 percent, Petronas Chemicals plummeted 5.86 percent, Petronas Gas fell 0.34 percent, PPB Group shed 0.52 percent, Press Metal soared 3.28 percent, Public Bank vaulted 1.44 percent, QL Resources rallied 1.89 percent, RHB Bank improved 0.95 percent, Sime Darby gained 0.42 percent, SD Guthrie skidded 1.02 percent, Sunway sank 0.95 percent, Tenaga Nasional advanced 0.98 percent, YTL Corporation added 0.60 percent, YTL Power expanded 1.39 percent and Petronas Dagangan and Telekom Malaysia were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and spent the whole day in the green.

The Dow jumped 305.43 points or 0.66 percent to finish at 46,429.49, while the NASDAQ climbed 167.93 points or 0.77 percent to end at 21.929.83 and the S&P 500 gained 35.53 points or 0.54 percent to close at 6,591.90.

The early strength on Wall Street came amid a sharp pullback by the price of crude oil, with international benchmark Brent crude futures slumping by 1.7 percent after surging in the previous session.

Crude oil prices slumped Wednesday on reports of negotiations to end the war between the U.S. and Iran, easing transport concerns via the Strait of Hormuz. West Texas Intermediate crude for May delivery was down $2.22 or 2.40 percent at $90.13 per barrel.

However, buying interest was partly offset by a report from Iran's state-linked media Fars News Agency claiming Iran will not accept the ceasefire offer from the U.S.

In U.S. economic news, the Labor Department said U.S. import and export prices increased by much more than expected in February.