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Malaysia Stock Market May See Additional Support

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(RTTNews) – The Malaysia stock market on Thursday snapped the two-day slide in which it had fallen more than 25 points or 1.6 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,500-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is cautiously optimistic on hopes for a stimulus bill in the United States. The European markets were mixed and flat and the U.S. markets were up and the Asian markets figure to split the difference.

The KLCI finished modestly higher on Thursday as gains from the telecoms were capped by mixed performances from the plantations and glove makers and weakness from the financials.

For the day, the index rose 6.40 points or 0.43 percent to finish at 1,498.80 after trading between 1,485.77 and 1,500.05. Volume was 6.730 billion shares worth 4.601 billion ringgit. There were 613 decliners and 461 gainers.

Among the actives, IHH Healthcare surged 4.64 percent, while Axiata soared 3.38 percent, MISC spiked 3.28 percent, AMMB Holdings accelerated 3.08 percent, IOI Corporation rallied 2.33 percent, RHB Capital plummeted 1.84 percent, PPB Group jumped 1.70 percent, Maxis climbed 1.42 percent, Public Bank tumbled 1.27 percent, Maybank skidded 1.26 percent, Malaysia Airports Holdings gathered 1.20 percent, Dialog Group perked 1.08 percent, Kuala Lumpur Kepong sank 0.83 percent, Sime Darby advanced 0.82 percent, Digi.com added 0.76 percent, Tenaga Nasional gained 0.60 percent, Press Metal rose 0.54 percent, Genting Malaysia improved 0.50 percent, Sime Darby Plantations increased 0.41 percent, Top Glove added 0.23 percent, Hartalega Holdings fell 0.22 percent, Petronas Chemicals was up 0.17 percent and Genting, CIMB Group and Hong Leong Bank were unchanged.

The lead from Wall Street is mildly positive as stocks fluctuated on Thursday, bouncing back and forth across the unchanged line before finishing slightly higher.

The Dow added 152.84 points or 0.54 percent to finish at 28,363.66, while the NASDAQ gained 21.31 points or 0.19 percent to end at 11,506.01 and the S&P 500 rose 17.93 points or 0.52 percent to close at 3,453.49.

The strength on Wall Street came as House Speaker Nancy Pelosi indicated Democrats and the White House continue to make progress toward an agreement on a new stimulus bill.

In economic news, the Labor Department said initial jobless claims came in below estimates last week. Also, the National Association of Realtors reported that existing home sales spiked by more than anticipated in September.

Crude oil prices moved higher Thursday, cutting into losses in the previous session after reports that Russian President Vladimir Putin said his country has not ruled out delaying OPEC+ production increases that are set for January. West Texas Intermediate Crude oil futures for December ended up $0.63 or 1.4 percent at $40.64 a barrel.