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Rebound Predicted For Malaysia Stock Market

The Malaysia stock market on Tuesday snapped the two-day winning streak in which it had picked up more than 7 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,630-point plateau although it may bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat on positive earnings news and support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The KLCI finished slightly lower following mixed performances from the financial shares, plantation stocks and industrial issues.

For the day, the index dipped 1.87 points or 0.11 percent to finish at 1,629.46 after trading between 1,626.99 and 1,635.47. Volume was 2.5 billion shares worth 1.8 billion ringgit. There were 475 decliners and 355 gainers.

Among the actives, Malaysia Airports Holdings plummeted 2.17 percent, while IOI Corporation plunged 1.10 percent, Dialog Group tumbled 0.95 percent, Sime Darby skidded 0.90 percent, Genting spiked 0.75 percent, Top Glove retreated 0.66 percent, Digi.com declined 0.64 percent, Sime Darby Plantations jumped 0.59 percent, Petronas Chemicals climbed 0.56 percent, Maybank dropped 0.43 percent, Genting Malaysia advanced 0.33 percent, Kuala Lumpur Kepong sank 0.32 percent, AMMB Holdings shed 0.22 percent, Hartalega Holdings added 0.21 percent, CIMB Group lost 0.20 percent, IHH Healthcare fell 0.18 percent, Tenaga Nasional dipped 0.16 percent, Public Bank collected 0.09 percent and MISC, Maxis and RHB Capital were unchanged.

The lead from Wall Street suggests mild upside as stocks fluctuated on Tuesday but managed to finish in the green.

The Dow added 67.89 points or 0.26 percent to 26,452.66, while the NASDAQ gained 24.21 points or 0.30 percent to 8,000.23 and the S&P 500 rose 1.48 points or 0.05 percent to 2,907.06.

Early buying interest was generated in reaction to solid earnings news from Dow components Johnson & Johnson (JNJ) and UnitedHealth (UNH).

The buying interest was offset by Federal Reserve report showing industrial production unexpectedly fell in March. Also, the National Association of Home Builders noted a modest improvement in U.S. homebuilder confidence in April.

Crude oil prices moved higher on Tuesday amid prospects of tight supply conditions in the market. West Texas Intermediate Crude oil futures for May ended up $0.65 or 1 percent at $64.05 a barrel.

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