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Malaysia Stock Market May Find Traction On Thursday

The Malaysia stock market has ticked lower in two straight sessions, slipping almost 5 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,520-point plateau although it's poised to find support on Thursday.

The global forecast for the Asian markets is flat to higher on easing treasury yield concerns and a rebound among technology stocks. The European markets were mixed and the U.S. bourses were mostly higher and the Asian markets figure to follow that lead.

The KLCI finished barely lower on Wednesday following losses from the financials, gains from the glove makers and a mixed picture from the plantations.

For the day, the index eased 0.61 points or 0.04 percent to finish at 1522.27 after trading between 1,521.12 and 1,525.98. Volume was 3.037 billion shares worth 2.093 billion ringgit. There were 506 decliners and 402 gainers.

Among the actives, Axiata rallied 0.76 percent, Dialog Group plunged 2.22 percent, Genting retreated 0.81 percent, Genting Malaysia skidded 0.65 percent, Hartalega Holdings jumped 0.79 percent, IHH Healthcare fell 0.15 percent, IOI Corporation was up 0.27 percent, Kuala Lumpur Kepong surged 2.67 percent, Maybank sank 0.49 percent, Maxis soared 1.32 percent, MRDIY rose 0.28 percent, Petronas Chemicals gained 0.36 percent, PPB Group spiked 1.29 percent, Press Metal tumbled 0.88 percent, RHB Capital dropped 0.38 percent, Sime Darby advanced 0.45 percent, Sime Darby Plantations shed 0.26 percent, Telekom Malaysia lost 0.18 percent, Tenaga Nasional declined 0.63 percent, Top Glove added 0.44 percent and Public Bank, CIMB Group, Digi.com and MISC were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened sharply lower on Wednesday but clawed back as the day progressed, with the NASDAQ and S&P 500 managing to finish higher while the Dow ended barely in the red.

The Dow shed 9.42 points or 0.03 percent to finish at 35,804.38, while the NASDAQ jumped 70.09 points or 0.44 percent to close at 15,845.23 and the S&P 500 rose 10.76 points or 0.23 percent to end at 4,701.46.

The early weakness on Wall Street came amid a continued increase in U.S. treasury yields, with the yield on the benchmark ten-year note reaching its highest intraday level in six months. Yields showed a notable downturn over the course of the trading day, however, contributing to the rebound on Wall Street.

A Labor Department report showing first-time claims for U.S. unemployment benefits slid to their lowest level in over fifty years last week helped push yields higher.

Also, the Commerce Department noted an unexpected drop in durable goods orders but an increase in new home sales in October, while personal income and spending both increased by more than expected during the month.

Crude oil futures settled slightly lower on Wednesday after data showed a modest increase in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures ended down by $0.11 or 0.14 percent at $78.39 a barrel.

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