Rally May Stall For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has climbed higher in three straight trading days, advancing more than 35 points or 2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,710-point plateau although it may run out of steam on Friday.

The global forecast for the Asian markets remains negative on surging oil prices and raging war in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The KLCI finished slightly higher on Thursday following gains from the plantations, telecoms and industrials, while the financial sector was mixed.

For the day, the index rose 2.23 points or 0.13 percent to finish at the daily high of 1,711.01 after trading as low as 1,694.80. Among the actives, 99 Speed Mart Retail accelerated 1.74 percent, while AMMB Holdings lost 0.46 percent, Axiata gained 0.44 percent, Celcomdigi sank 0.62 percent, CIMB Group eased 0.13 percent, Gamuda spiked 1.94 percent, IHH Healthcare expanded 1.22 percent, IOI Corporation improved 1.01 percent, Kuala Lumpur Kepong and SD Guthrie both vaulted 1.23 percent, Maxis added 0.52 percent, Maybank fell 0.26 percent, MISC skidded 1.18 percent, MRDIY slumped 1.20 percent, Nestle Malaysia climbed 1.17 percent, Petronas Chemicals skyrocketed 11.11 percent, Petronas Dagangan rose 0.18 percent, Petronas Gas shed 0.57 percent, PPB Group surged 4.00 percent, Press Metal dropped 0.79 percent, Public Bank strengthened 1.26 percent, QL Resources tanked 2.46 percent, RHB Bank perked 0.12 percent, Sime Darby tumbled 2.50 percent, Sunway jumped 1.37 percent, Telekom Malaysia increased 0.89 percent, Tenaga Nasional advanced 1.12 percent, YTL Corporation soared 2.45 percent and YTL Power rallied 1.46 percent.

The lead from Wall Street is weak as the major averages opened firmly in the red and remained under water throughout the session, ending at daily lows.

The Dow tumbled 739.42 points or 1.56 percent to finish at 46,677.85, while the NASDAQ plunged 404.15 points or 1.78 percent to end at 22,311.98 and the S&P 500 slumped 103.18 points or 1.52 percent to close at 6,672.62.

The sell-off on Wall Street came amid another sharp increase by the price of crude oil, as oil prices further offset the nosedive seen on Tuesday.

Crude oil prices surged on Thursday after the new leadership in Iran refused to bow down to U.S. pressure in the raging Middle East war and instead vowed revenge. West Texas Intermediate crude for April delivery was up $7.45 or 8.54 percent at $94.70 per barrel.

The extended rebound by the price of crude oil came amid reports three more foreign ships were struck in the Persian Gulf overnight, adding to concerns about transit through the strategically vital Strait of Hormuz.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits edged slightly lower last week.