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Malaysia Bourse Likely To Remain Rangebound

The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had fallen almost 30 points or 1.9 percent. The Kuala Lumpur Composite Index now rests just above the 1,670-point plateau although it's likely to bounce higher again on Wednesday.

The global forecast for the Asian markets is positive on trade optimism and surging crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The KLCI finished slightly lower on Tuesday following mixed performances from the financials and telecoms.

For the day, the index dipped 6.41 points or 0.38 percent to finish at 1,672.76 after trading between 1,670.67 and 1,686.37. Volume was 2.3 billion shares worth 2 billion ringgit. There were 404 decliners and 366 gainers.

Among the actives, Hartalega Holdings plummeted 10.43 percent, while Top Glove plunged 5.09 percent, Genting surged 4.13 percent, AMMB Holdings tumbled 3.49 percent, Axiata spiked 2.62 percent, Genting Malaysia jumped 2.57 percent, Tenaga Nasional skidded 2.15 percent, IOI Corporation advanced 1.38 percent, RHB Capital dropped 1.31 percent, Sime Darby perked 1.27 percent, IHH Healthcare gathered 1.26 percent, Petronas Chemicals added 0.67 percent, Digi.com shed 0.67 percent, CIMB Group collected 0.18 percent, Kuala Lumpur Kepong gained 0.17 percent, Public Bank fell 0.16 percent, Maybank rose 0.11 percent and Dialog Group and PPB Group were unchanged.

The lead from Wall Street is upbeat as stocks opened higher on Tuesday; they gave back some of those gains as the day progressed but still ended firmly in the green.

The Dow added 256.10 points or 1.09 percent to 23,787.45, while the NASDAQ gained 73.53 points or 1.08 percent to 6,897.00 and the S&P rose 24.72 points or 0.97 percent to 2,574.41.

Optimism about trade talks between the U.S. and China contributed to the early rally on Wall Street amid a second day of meetings between U.S. and Chinese officials.

A quiet day on the U.S. economic front also kept some traders on the sidelines amid the ongoing government shutdown.

Crude oil prices moved up sharply on Tuesday, extending gains to a seventh successive session on optimism about U.S.-China trade discussions and reports of output cuts by oil producers. Crude oil futures for February were up $1.26 or 2.6 percent at $49.78 a barrel.

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