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Malaysia Stock Market May See Additional Support

The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the three trading days since the end of the three-day winning streak in which it had gathered more than 25 points or 1.5 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,715-point plateau and it's expected to open in the green again on Thursday.

The global forecast is positive following the U.S. midterm elections. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow suit.

The KLCI finished modestly higher on Wednesday following mixed performances from the financials, plantations and telecoms.

For the day, the index gained 6.08 points or 0.36 percent to finish at 1,714.88 after trading between 1,704.93 and 1,715.98. Volume was 2.3 billion shares worth 2.5 billion ringgit. There were 440 gainers and 378 decliners.

Among the actives, Malaysia Airports Holdings surged 7.23 percent, while Sime Darby soared 4.60 percent, Digi.com spiked 3.74 percent, Axiata jumped 3.45 percent, Telekom Malaysia plunged 1.66 percent, Maybank tumbled 1.07 percent, Dialog Group climbed 0.89 percent, Genting Malaysia advanced 0.83 percent, IOI Corporation added 0.44 percent, Tenaga Nasional gained 0.14 percent, Public Bank collected 0.08 percent, Kuala Lumpur Kepong eased 0.08 percent and IHH Healthcare, CIMB Group, Genting and Petronas Chemicals were unchanged.

The lead from Wall Street is solid as stocks showed a significant move to the upside on Wednesday, adding to the gains posted in the previous session.

The Dow added 545.29 points or 2.13 percent to 26,180.30, while the NASDAQ jumped 194.79 points or 2.64 percent to 7,570.75 and the S&P gained 58.44 points or 2.12 percent to 2,813.89.

The rally on Wall Street came as the results of the highly anticipated midterm elections on Tuesday came largely in line with expectations.

Democrats are projected to retake control of the House for the first time since 2010 - which will give them subpoena power, potentially leading to numerous investigations of President Donald Trump's administration.

Democrats did not fare as well as in the Senate, as Republicans appear poised to expand their majority in the upper chamber.

Crude oil prices tumbled on Wednesday after data showed a seventh straight weekly rise in U.S. crude inventories. Crude oil futures for December were down $0.54 or 0.9 percent at $61.67 a barrel, the lowest settlement price in nearly eight months.

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