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Malaysia Shares Draw Another Green Light

The Malaysia stock market bounced higher again on Thursday, one session after it had ended the two-day winning streak in which it had gathered almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,610-point plateau and it's expected to open higher again on Friday.

The global forecast for the Asian markets is upbeat on growing optimism for a trade deal between the United States and China. 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 Thursday following mixed performances from the financial shares and plantation stocks.

For the day, the index added 6.08 points or 0.38 percent to finish at the daily high of 1,609.33 after moving as low as 1,601.18.

Among the actives, Sime Darby surged 3.07 percent, while Kuala Lumpur Kepong soared 2.69 percent, Genting spiked 2.49 percent, AMMB Holdings accelerated 1.24 percent, MISC jumped 1.22 percent, Top Glove climbed 0.92 percent, IOI Corporation tumbled 0.90 percent, Genting Malaysia advanced 0.61 percent, Dialog Group added 0.58 percent, Hartalega Holdings dropped 0.55 percent, Maybank collected 0.46 percent, Digi.com sank 0.42 percent, Sime Darby Plantations shed 0.40 percent, CIMB Group lost 0.38 percent, Public Bank perked 0.30 percent, IHH Healthcare rose 0.18 percent and Petronas Chemicals, Malaysia Airports Holdings, RHB Capital, Tenaga Nasional and Axiata Group all were unchanged.

The lead from Wall Street is positive as stocks opened higher on Thursday, faded a bit as the day progressed but still finished firmly in the green.

The Dow added 182.24 points or 0.66 percent to 27,674.80, while the NASDAQ gained 23.89 points or 0.28 percent and the S&P 500 rose 8.40 points or 0.27 percent to 3,085.18.

The early strength on Wall Street followed signs of progress in U.S.-China trade talks after a spokesman for the Chinese Commerce Ministry said the U.S. and China have agreed to lift existing tariffs in phases.

In U.S. economic news, the Labor Department reported a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended November 2.

Crude oil prices moved higher on Thursday, rebounding smartly after suffering a setback in the previous session. West Texas Intermediate Crude oil futures for December ended up $0.80 or 1.4 percent at $57.15 a barrel.

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