(RTTNews) - The Malaysia stock market on Wednesday snapped the two-day slide in which it had fallen almost 10 points or 0.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,500-point plateau and it may add to its winnings on Thursday.
The global forecast for the Asian markets remains positive on easing concerns about the Omicron variant of the coronavirus, plus support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.
The KLCI finished modestly higher on Wednesday following gains from the financial shares and the glove makers, while the plantations were mixed.
For the day, the index added 7.73 points or 0.52 percent to finish at 1,500.32 after trading between 1,492.74 and 1,502.19. Volume was 3.123 billion shares worth 1.597 billion ringgit. There were 450 gainers and 347 decliners.
Among the actives, Axiata retreated 1.36 percent, while CIMB Group perked 0.94 percent, Dialog Group tumbled 1.67 percent, Digi.com fell 0.26 percent, Genting rallied 1.12 percent, Genting Malaysia strengthened 0.72 percent, Hartalega Holdings soared 3.21 percent, IHH Healthcare increased 0.31 percent, INARI climbed 1.05 percent, IOI Corporation improved 0.28 percent, Kuala Lumpur Kepong shed 0.28 percent, Maybank gathered 0.98 percent, Maxis added 0.47 percent, MISC spiked 1.91 percent, MRDIY accelerated 1.79 percent, Petronas Chemicals dipped 0.23 percent, PPB Group jumped 1.21 percent, Press Metal was up 0.19 percent, Public Bank collected 0.49 percent, Sime Darby gained 0.46 percent, Telekom Malaysia rose 0.38 percent, Tenaga Nasional advanced 0.65 percent, Top Glove surged 3.81 percent and Sime Darby Plantations, RHB Capital and Petronas Gas were unchanged.
The lead from Wall Street is solid as the major averages shook off a sluggish start on Wednesday, quickly moving higher and finishing in the green.
The Dow jumped 261.19 points or 0.74 percent to finish at 35,753.89, while the NASDAQ spiked 180.81 points or 1.18 percent and the S&P 500 climbed 47.33 points or 1.02 percent to end at 4,696.56.
The markets drew strength from easing worries about Omicron and U.S. President Joe Biden's remarks that it is still possible to reach a deal with Senator Joe Manchin to push the $2 trillion Build Back Better bill through Congress.
Adding to the positive sentiment, the Conference Board reported that consumer confidence improved by much more than expected in the month of December.
Crude oil futures settled sharply higher Wednesday after data showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for February spiked $1.64 or 2.3 percent at $72.76 a barrel.
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