Malaysia Stock Market Figures To Find Traction On Thursday

The Malaysia stock market has moved lower in back-to-back trading days, sinking almost 6 points or 0.4 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,515-point plateau although it figures to find support on Thursday.

The global forecast for the Asian markets is positive, led by a strong rebound in energy stocks. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The KLCI finished slightly lower on Wednesday as losses from the financials and plantations were mitigated by support from the glove makers.

For the day, the index dipped 3.45 points or 0.23 percent to finish at 1,516.52 after trading between 1,515.34 and 1,521.57. Volume was 5.467 billion shares worth 3.437 billion ringgit. There were 580 decliners and 400 gainers.

Among the actives, Axiata gained 0.53 percent, while CIMB Group tumbled 1.75 percent, Digi.com skidded 1.43 percent, Genting lost 1.43 percent, Genting Malaysia tanked 2.11 percent, Hartalega Holdings soared 4.09 percent, IHH Healthcare eased 0.17 percent, IOI Corporation declined 1.08 percent, Kuala Lumpur Kepong retreated 1.22 percent, Maybank slid 0.25 percent, Maxis sank 0.92 percent, MISC fell 0.29 percent, MRDIY plummeted 4.02 percent, Petronas Chemicals added 0.63 percent, PPB Group dropped 0.76 percent, Public Bank shed 0.74 percent, RHB Capital surrendered 0.95 percent, Sime Darby advanced 0.93 percent, Sime Darby Plantations plunged 2.44 percent, Tenaga Nasional lost 0.51 percent, Top Glove surged 5.85 percent and Dialog Group, Press Metal and Telekom Malaysia were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and remained firmly in the green throughout the session.

The Dow jumped 286.01 points or 0.83 percent to finish at 34,798.00, while the NASDAQ climbed 133.08 points or 0.92 percent to end at 14,631.95 and the S&P 500 added 35.63 points or 0.82 percent to close at 4,358.69.

The continued strength on Wall Street reflected a positive reaction to the latest batch of earnings news from several big-name companies including Coca-Cola (KO), Verizon (VZ) and Johnson & Johnson (JNJ), although Netflix (NFLX) disappointed.

Energy stocks spiked as crude oil futures settled sharply higher on Wednesday, rebounding strongly after suffering a sharp drop earlier in the week. West Texas Intermediate crude oil futures for September ended up $3.10 or 4.6 percent at $70.30 a barrel.

Significant strength was also visible among airline stocks, as reflected by the 3.2 percent jump by the NYSE Arca Airline Index. The index continued to rebound after ending Monday’s trading at a five-month closing low.