Malaysia Stock Market May Test Resistance At 1,700 Points

The Malaysia stock market bounced higher again on Wednesday, one session after it had halted the three-day winning streak in which it had added just 7 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just above the 1,685-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is firm thanks to renewed optimism over the outlook for interest rates. The European markets were flat and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter lead.

The KLCI finished slightly higher on Wednesday following gains from the financials and a mixed picture from the telecoms.

For the day, the index added 1.58 points or 0.09 percent to finish at 1,686.55 after trading between 1,678.48 and 1,688.71. Volume was 1.7 billion shares worth 2.1 billion ringgit. There were 405 decliners and 401 gainers.

Among the actives, IHH Healthcare surged 6.71 percent, while Axiata soared 3.71 percent, Tenaga Nasional plummeted 3.13 percent, Genting spiked 2.98 percent, Telekom Malaysia jumped 2.67 percent, Digi.com tumbled 0.96 percent, IOI Corporation climbed 0.95 percent, Dialog Group advanced 0.92 percent, CIMB Group collected 0.88 percent, Public Bank and Maybank both added 0.32 percent, Petronas Chemicals shed 0.11 percent and Genting Malaysia, Kuala Lumpur Kepong, Sime Darby, Hartalega Holdings, PPB Group and Hong Leong Financial all were unchanged.

The lead from Wall Street is broadly positive as stocks opened higher Wednesday and the gains for the major averages accelerated in afternoon trade.

The Dow surged 617.70 points or 2.50 percent to 25,366.43, while the NASDAQ soared 208.89 points or 2.95 percent to 7,291.59 and the S&P jumped 61.61 points or 2.30 percent to 2,743.78.

The surge from Wall Street followed dovish remarks from Federal Reserve Chairman Jerome Powell, who said interest rates

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