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Malaysia Stock Market Poised To Extend Winning Streak

The Malaysia stock market has climbed higher in three straight sessions, collecting almost 25 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,610-point plateau and it's looking at another green light for Thursday's trade.

The global forecast for the Asian markets is upbeat on solid earnings news and economic data. The European markets were mixed and the U.S. bourses moved higher and the Asian markets are expected to follow the latter lead.

The KLCI finished slightly higher on Wednesday following gains from the industrials, weakness from the plantations and a mixed picture from the financials.

For the day, the index rose 1.48 points or 0.09 percent to finish at 1,611.42 after trading between 1,589.98 and 1,618.01. Volume was 10.537 billion shares worth 6.953 billion ringgit. There were 685 decliners and 398 gainers.

Among the actives, IHH Healthcare plummeted 3.01 percent, while Petronas Chemicals surged 2.28 percent, PPN Group soared 2.20 percent, Press Metal spiked 1.69 percent, Sime Darby plunged 1.38 percent, Genting Malaysia tanked 1.29 percent, Tenaga Nasional accelerated 1.24 percent, Maxis gathered 1.14 percent, Hartalega Holdings perked 1.11 percent, Maybank tumbled 1.02 percent, Top Glove skidded 0.98 percent, Axiata advanced 0.93 percent, Malaysia Airports Holdings rallied 0.59 percent, Kuala Lumpur Kepong dropped 0.59 percent, MISC sank 0.51 percent, AMMB Holdings added 0.34 percent, CIMB Group collected 0.28 percent, Dialog Group shed 0.27 percent, Genting lost 0.26 percent, Digi.com and Petronas Gas both gained 0.24 percent, IOI Corporation fell 0.22 percent, RHB Capital slid 0.20 percent, Sime Darby Plantations eased 0.19 percent and Public Bank rose 0.11 percent.

The lead from Wall Street is positive as stocks opened higher on Wednesday and picked up steam as the day progressed.

The Dow added 160.29 points or 0.61 percent to finish at 26,539.57, while the NASDAQ spiked 140.85 points or 1.35 percent to end at 10,542.94 and the S&P 500 rose 40.00 points or 1.24 percent to close at 3,258.44.

Early buying interest was partly generated by the latest batch of earnings news, with a number of big-name companies reporting better than expected quarterly results including Advanced Micro Devices (AMD) and C.H. Robinson (CHRW).

The strength on Wall Street also reflected a report from the National Association of Realtors showing another significant increase in pending home sales in June.

Stocks saw continued strength after the Federal Reserve announced its widely expected decision to leave interest rates at near-zero levels amid the economic hardship imposed by the coronavirus pandemic.

Crude oil prices moved higher on Wednesday after data showed a larger than expected decline in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.23 or 0.6 percent at $41.27 a barrel.

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