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Malaysia Bourse Likely To Discover Renewed Support

The Malaysia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had collected almost 10 points or 0.6 percent. The Kuala Lumpur Composite Index remains just beneath the 1,690-point plateau although it figures to rebound again on Wednesday.

The global forecast for the Asian markets is upbeat on signs the United States government may avoid another shutdown. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The KLCI finished barely lower on Tuesday as losses from the industrials were mitigated by support from the plantations and a mixed picture from the financials.

For the day, the index eased 1.15 points or 0.07 percent to finish at 1,687.41 after trading between 1,683.73 and 1,692.22. Volume was 2.7 billion shares worth 2 billion ringgit. There were 425 gainers and 406 decliners.

Among the actives, Press Metal plummeted 3.61 percent, while Axiata surged 2.87 percent, IHH Healthcare plunged 2.32 percent, IOI Corporation soared 1.99 percent, Petronas Chemicals tumbled 1.52 percent, Kuala Lumpur Kepong spiked 1.23 percent, CIMB Group jumped 1.04 percent, Hartalega Holdings skidded 0.73 percent, Digi.com climbed 0.66 percent, Genting Malaysia dropped 0.60 percent, Public Bank retreated 0.48 percent, Tenaga Nasional declined 0.46 percent, Sime Darby contracted 0.45 percent, Genting shed 0.42 percent, Dialog Group advanced 0.34 percent, Maybank lost 0.31 percent, Petronas Gas and PPB Group both added 0.11 percent and Maxis and Petronas Dagangan were unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Tuesday, hitting their best closing levels in two months.

The Dow climbed 372.65 points or 1.49 percent to 25,425,76, the NASDAQ jumped 106.71 points or 1.46 percent to 7,414.62 and the S&P 500 added 34.93 points or 1.29 percent to 2,744.73.

The rally on Wall Street came amid optimism lawmakers will avoid another government shutdown after negotiators reached a tentative agreement on border security. Lawmakers face a deadline of midnight Friday to pass a spending bill and avoid another government shutdown.

Optimism about this week's next round of U.S.-China trade talks also contributed to the strength on Wall Street as President Donald Trump may defer his deadline for raising tariffs.

Crude oil prices surged higher Tuesday on hopes OPEC-led production cuts and the U.S. sanctions on Iran and Venezuela will tighten crude supply in the global market. West Texas Intermediate Crude oil futures for March ended up $0.69 or 1.3 percent at $53.10 a barrel.

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