Win Streak May Continue For Malaysia Stock Market

The Malaysia stock market has moved higher in four straight sessions, rising almost 25 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,435-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is mixed to higher on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Wednesday as gains from the financials were offset by weakness from the plantation stocks and a mixed picture from the telecoms.

For the day, the index rose 1.32 points or 0.09 percent to finish at 1,436.49 after trading between 1,432.27 and 1,438.45.

Among the actives, AMMB Holdings jumped 1.56 percent, while Axiata slumped 0.82 percent, Celcomdigi sank 0.92 percent, CIMB Group advanced 0.90 percent, Dialog Group climbed 0.94 percent, Genting added 0.74 percent, Genting Malaysia gained 0.40 percent, IHH Healthcare rallied 1.19 percent, IOI Corporation shed 0.51 percent, Kuala Lumpur Kepong retreated 1.00 percent, Maybank was up 0.11 percent, MISC lost 0.42 percent, MRDIY surged 2.58 percent, Petronas Chemicals declined 0.96 percent, Petronas Dagangan tumbled 1.22 percent, PPB Group fell 0.40 percent, Press Metal slid 0.21 percent, Public Bank collected 0.48 percent, RHB Capital improved 0.36 percent, Sime Darby spiked 1.78 percent, Sime Darby Plantations dropped 0.93 percent, Telekom Malaysia and Tenaga Nasional both rose 0.20 percent, Westports Holdings soared 1.90 percent and Maxis and Hong Leong Bank were unchanged.

The lead from Wall Street ends up positive as the major averages opened higher on Wednesday, slipped into the red midday but rallied late to end in positive territory.

The Dow added 65.57 points or 0.19 percent to finish at 33,804.87, while the NASDAQ jumped 96.83 points or 0.71 percent to close at 13,659.68 and the S&P 500 gained 18.71 points or 0.43 percent to end at 4,376.95.

The higher close on Wall Street came amid a continued decline by treasury yields, with yields pulling back further off their highest levels in over 16 years. Treasuries have recently benefited from their appeal as a safe haven amid the deadly conflict between Hamas and Israel.

Meanwhile, traders largely shrugged off a Labor Department report showing producer prices in the U.S. increased by slightly more than expected in September.

The Federal Reserve also released the minutes of its latest monetary policy meeting on Wednesday, reiterating that a majority of participants expect one more interest rate hike will likely be appropriate.

Crude oil futures settled lower on Wednesday, extending losses from the previous session, as Saudi Arabia’s pledge to help stabilize the market outweighed concerns about supply disruptions amid the tensions in the Middle East. West Texas Intermediate Crude oil futures for November sank $83.49 a barrel, down $2.48 or 2.9 percent.

Closer to home, Malaysia will provide August data for industrial production later today; in July, output was up 0.7 percent on year.