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Rebound Anticipated For Malaysia Stock Market

The Malaysia stock market headed south again on Wednesday, one session after halting the two-day slide in which it had stumbled more than 30 points or 2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,570-point plateau although it figures to bounce higher again on Thursday.

The global forecast for the Asian markets is upbeat and rising oil prices and optimism for stimulus. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The KLCI finished modestly lower on Wednesday following losses from the financial shares and plantation stocks.

For the day, the index sank 7.81 points or 0.50 percent to finish at 1,568.13 after trading between 1,566.87 and 1,579.91. Volume was 15.575 billion shares worth 8.267 billion ringgit. There were 797 gainers and 390 decliners.

Among the actives, Press Metal surged 4.25 percent, while Kuala Lumpur Kepong plummeted 1.90 percent, RHB Capital plunged 1.63 percent, Petronas Chemicals tanked 1.55 percent, Top Glove tumbled 1.48 percent, Sime Darby soared 1.43 percent, IHH Healthcare and IOI Corporation both skidded 1.13 percent, Dialog Group retreated 1.09 percent, CIMB Group declined 0.87 percent, Genting surrendered 0.80 percent, Hartalega Holdings sank 0.70 percent, Malaysia Airports Holdings climbed 0.60 percent, Genting Malaysia dropped 0.45 percent, Maybank shed 0.40 percent, Sime Darby Plantations lost 0.39 percent, Maxis added 0.39 percent, Axiata gained 0.32 percent, MISC fell 0.25 percent, Digi.com rose 0.24 percent, Public Bank eased 0.12 percent, PPB Group was up 0.11 percent and Tenaga Nasional and AMMB Holdings were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, extending gains from the previous session as the NASDAQ hit a fresh record closing high.

The Dow jumped 373.05 points or 1.39 percent to finish at 27,201.52, while the NASDAQ added 57.23 points or 0.52 percent to end at 10,998.40 and the S&P 500 rose 21.26 points or 0.64 percent to close at 3,327.77.

The continued strength in the broader markets reflected optimism that lawmakers will eventually reach an agreement on a new coronavirus relief bill after both sides noted progress in talks.

Adding to the positive sentiment, the Institute for Supply Management noted an unexpected acceleration in the pace of growth in service sector activity in July. But traders shrugged off a report from payroll processor ADP showing a slowdown in private sector job growth last month.

Crude oil prices moved higher Wednesday, lifted by data showing a sharp drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.49 or 1.2 percent at $42.19 a barrel.

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