Malaysia Bourse May Spin Its Wheels On Thursday

(RTTNews) - The Malaysia stock market has finished higher in four straight sessions, collecting more than 40 points or 2.4 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,710-point plateau although it may run out of steam on Thursday.

The global forecast for the largely overbought Asian markets is negative thanks to geopolitical concerns, with tech shares likely to lead the way lower. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Wednesday following gains from the financials and industrials, while the plantations and telecoms were mixed.

For the day, the index rose 2.71 points or 0.16 percent to finish at 1,710.91 after trading between 1,704.03 and 1,711.66. Among the actives, 99 Speed Mart Retail climbed 1.02 percent, while AMMB Holdings lost 0.31 percent, Axiata dropped 0.78 percent, Celcomdigi vaulted 1.47 percent, CIMB Group shed 0.36 percent, Gamuda plunged 2.04 percent, IHH Healthcare skidded 1.05 percent, IOI Corporation improved 0.74 percent, Kuala Lumpur Kepong strengthened 1.68 percent, Maxis rose 0.25 percent, Maybank fell 0.18 percent, MISC added 0.64 percent, MRDIY soared 3.59 percent, Nestle Malaysia slumped 1.09 percent, Petronas Dagangan surged 3.96 percent, Petronas Gas jumped 1.85 percent, PPB Group gained 0.36 percent, Press Metal expanded 1.39 percent, Public Bank collected 0.65 percent, QL Resources spiked 2.33 percent, RHB Bank advanced 0.99 percent, Sime Darby tumbled 1.90 percent, SD Guthrie tanked 1.72 percent, Telekom Malaysia sank 0.51 percent, Tenaga Nasional perked 0.14 percent, YTL Corporation rallied 1.86 percent, YTL Power accelerated 2.05 percent and Petronas Chemicals and Sunway were unchanged.

The lead from Wall Street is weak as the major averages opened in the red on Wednesday and remained under water throughout the session.

The Dow slumped 42.36 points or 0.09 percent to finish at 49,149.63, while the NASDAQ stumbled 238.12 points or 1.00 percent to end at 23,471.12 and the S&P 500 sank 37.14 points or 0.53 percent to close at 6,926.60.

The weakness on Wall Street may partly have reflected growing concerns about rising geopolitical tensions around the world.

President Donald Trump's threats to take control of Greenland have made headlines recently, while traders are also keeping an eye on political unrest in Iran and the ongoing Russia-Ukraine war.

In economic news, the Commerce Department said retail sales in the U.S. increased more than expected in November. Also, the Labor Department noted a modest increase by U.S. producer prices in November.

Crude oil prices posted sharp gains Wednesday as the probability of U.S. intervention to end the crisis in Iran raises supply-related concerns. West Texas Intermediate crude for February delivery was up $0.76 or 1.24 percent at $61.91 per barrel.