Malaysia Bourse Poised To End Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in six straight sessions, slipping almost 35 points or 2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,715-point plateau although it's overdue for support on Thursday.

The global forecast for the Asian markets is broadly positive, thanks to sinking crude oil prices and support from the technology sectors. The European and U.S. markets were sharply higher on Wednesday and the Asian bourses are expected to follow that lead.

The KLCI finished modestly lower on Wednesday as losses from the telecoms and industrials were offset by gains among the plantations and a mixed picture from the financial sector.

For the day, the index lost 9.58 points or 0.55 percent to finish at 1,717.69 after trading between 1,716.47 and 1,727.50. Among the actives, 99 Speed Mart Retail skidded 1.17 percent, while AMMB Holdings gained 0.31 percent, Axiata plummeted 4.74 percent, Celcomdigi surrendered 2.83 percent, CIMB Group sank 1.02 percent, Gamuda slumped 1.57 percent, Hong Leong Bank rose 0.18 percent, IHH Healthcare was down 0.11 percent, IOI Corporation climbed 1.23 percent, Kuala Lumpur Kepong added 0.49 percent, Maxis contracted 1.68 percent, Maybank dipped 0.18 percent, MISC slid 0.12 percent, MRDIY retreated 1.73 percent, Nestle Malaysia eased 0.04 percent, Petronas Chemicals climbed 1.06 percent, Petronas Dagangan stumbled 1.98 percent, Petronas Gas tanked 2.93 percent, PPB Group declined 1.72 percent, Press Metal and SD Guthrie both improved 0.67 percent, Public Bank lost 0.42 percent, RHB Bank collected 0.73 percent, Sime Darby plunged 4.15 percent, Sunway Healthcare dropped 1.08 percent, Telekom Malaysia shed 0.93 percent, Tenaga Nasional fell 0.41 percent, YTL Corporation tumbled 2.33 percent, YTL Power slipped 0.24 percent and Sunway was unchanged.

The lead from Wall Street is strong as the major averages opened slightly higher on Wednesday but accelerated throughout the day, ending at session highs.

The Dow spiked 645.47 points or 1.31 percent to finish at 50,009.35, while the NASDAQ jumped 399.65 points or 1.54 percent to end at 26,270.36 and the S&P 500 climbed79.36 points or 7,432.97.

The rally on Wall Street came on a steep drop by treasuries yields, which pulled back sharply, with the yield on the benchmark ten-year note plunging from its highest levels in well over a year.

The sharp drop in crude oil prices also contributed to the rise on Wall Street, thanks to increasing diplomatic measures to secure an agreement to end their hostilities between the United States and Iran. West Texas Intermediate crude for July delivery was down $5.89 or 5.66 percent at $98.26 per barrel.

Optimism about earnings news from Nvidia (NVDA) may also have generated buying interest, as the chipmaker was due to report its first quarter results after the close of trading.

In fact, Nvidia decisively beat expectations on both the top and bottom lines, likely giving the Asian markets a solid boost.