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Malaysia Shares May Extend Winning Streak

The Malaysia stock market has climbed higher in consecutive trading days, accelerating almost 65 points or 5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,325-point plateau and it may add to its winnings again on Thursday.

The global forecast for the Asian markets is positive on continued optimism for stimulus in response to the coronavirus pandemic. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished sharply higher on Wednesday following gains from the plantation stocks, financial shares and telecoms.

For the day, the index advanced 33.36 points or 2.58 percent to finish at 1,324.50 after trading between 1,304.97 and 1,341.86. Volume was 1.23 billion shares worth 4.329 billion ringgit. There were 641 gainers and 267 decliners.

Among the actives, Kuala Lumpur Kepong skyrocketed 10.48 percent, while Genting surged 5.83 percent, Dialog Group soared 5.12 percent, Axiata spiked 4.89 percent, Petronas Chemicals accelerated 4.88 percent, Digi.com jumped 3.75 percent, IHH Healthcare climbed 3.66 percent, Maxis gathered 3.29 percent, Public Bank perked 3.15 percent, Genting Malaysia advanced 2.70 percent, IOI Corporation added 2.46 percent, Tenaga Nasional gained 2.37 percent, CIMB Group collected 2.33 percent, RHB Capital lost 2.00 percent, Press Metal rose 1.69 percent, Top Glove increased 1.47 percent, Sime Darby Plantations picked up 1.08 percent, Sime Darby was up 0.58 percent and Maybank and Hong Leong Bank were unchanged.

The lead from Wall Street is cautiously optimistic as stocks moved sharply higher on Wednesday before giving ground late in the session to end mixed.

The Dow jumped 495.64 points or 2.39 percent to finish at 21,200.55, while the NASDAQ fell 33.56 points or 0.45 percent to 7,384.29 and the S&P 500 climbed 28.23 points or 1.15 percent to 2,475.56.

Stocks moved sharply higher earlier in the session in reaction to news that Senate leaders and the White House have reached an agreement on the $2 trillion stimulus bill - but a potential snag over jobless benefits could delay its passage, sending stocks lower in the afternoon.

The Senate could pass the bill as soon as today, although the stimulus package would still need to be approved by the Democrat-controlled House before heading to President Donald Trump's desk.

Crude oil prices moved higher on Wednesday after a decline in weekly gasoline inventories. Optimism about the passage of the massive $2 trillion stimulus bill also contributed to oil's rise in the session. West Texas Intermediate crude oil futures for May ended up $0.48 or 2 percent at $24.49 a barrel.

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