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Win Streak Likely To Continue For Malaysia Shares

The Malaysia stock market has tracked higher in back-to-back sessions, gathering more than a dozen points or 0.8 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,500-point plateau and it's looking at another green light for Wednesday's trade.

The global forecast for the Asian markets is upbeat on continued optimism for an economic recovery. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The KLCI finished modestly higher on Tuesday following mixed performances from the financial shares and telecoms, while the plantations were soft.

For the day, the index added 6.54 points or 0.44 percent to finish at 1,500.97 after trading between 1,492.07 and 1,509.12. Volume was 5.345 billion shares worth 3.742 billion ringgit. There were 554 gainers and 388 decliners.

Among the actives, Hartalega Holdings surged 4.00 percent, while Top Glove soared 2.55 percent, Malaysia Airports Holdings plummeted 2.15 percent, Sime Darby spiked 1.90 percent, IHH Healthcare plunged 1.79 percent, Genting tanked 1.20 percent, Genting Malaysia jumped 1.20 percent, AMMB Holdings climbed 0.97 percent, Maxis and Digi.com both gathered 0.94 percent, CIMB Group perked 0.85 percent, Axiata tumbled 0.84 percent, RHB Capital skidded 0.83 percent, IOI Corporation retreated 0.69 percent, Press Metal advanced 0.67 percent, Sime Darby Plantations declined 0.61 percent, Tenaga Nasional added 0.52 percent, MISC sank 0.39 percent, Public Bank collected 0.36 percent, Dialog Group rose 0.28 percent, Maybank fell 0.27 percent and Petronas Chemicals, Petronas Dagangan, Kuala Lumpur Kepong and Hong Leong Bank were unchanged.

The lead from Wall Street is broadly positive as stocks moved notably higher on Tuesday, extending the strong upward move seen in the previous session.

The Dow jumped 217.08 points or 0.85 percent to finish at 25,812.88, while the NASDAQ soared 184.61 points or 1.87 percent to end at 10.058.77 and the S&P 500 advanced 47.05 points or 1.54 percent to close at 3,100.29.

Traders continued to express optimism about the economic outlook despite the continued spike in new coronavirus cases across several states.

Adding to the positive sentiment, the Conference Board reported a bigger than expected improvement in consumer confidence in June. Also, a separate report released by MNI Indicators showed a continued contraction in Chicago-area business activity last month.

Traders also kept an eye on Federal Reserve Chair Jerome Powell's testimony before the House Financial Services Committee regarding the response to the coronavirus pandemic. Powell said output and employment remain far below pre-pandemic levels and cautioned the outlook for the economy is "extraordinarily uncertain."

Crude oil prices drifted lower on Tuesday as worries about the outlook for energy demand persisted due to continued surge in new cases of coronavirus around the world. West Texas Intermediate crude oil futures for August ended down $0.43 or 1.1 percent at $39.27 a barrel.

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