By : Tokan Corner
The Malaysian stock market on Wednesday ended the two-day losing streak in which it had fallen more than 15 points or 0.9 percent. The Kuala Lumpur Composite Index settled just above the 1,580-point plateau, and now analysts are forecasting continued strength when the market kicks off trade on Thursday.
The global forecast for the Asian markets is fairly upbeat, with many of the regional bourses still oversold and due for bargain hunting. Commodities and steel stocks are expected to lead the way, although technology stocks could remain soft. The European and U.S. markets finished firmly in positive territory, and the Asian markets are expected to follow suit.
The KLCI finished barely higher on Wednesday as gains from the industrial issues were offset by weakness from the financial shares and plantation stocks.
For the day, the index added 2.57 points or 0.16 percent to finish at 1,580.67 after trading between 1,576.37 and 1,580.75. Volume was 843.27 million shares worth 1.57 billion ringgit. There were 389 gainers and 306 decliners, with 327 stocks finishing unchanged.
Among the actives, DiGi.Com, British American Tobacco, Hong Leong Financial, CIMB Group, Petronas Dagangan and MISC all finished higher, while Maybank and Petronas Chemicals ended lower.
On the corporate front, Petrofac has signed two memoranda of understanding with Petroliam Nasional Berhad (Petronas), the Malaysian National Oil Co. The first MOU will accelerate production from Block PM304, offshore Peninsular Malaysia, with a third phase of development. The second MOU outlines the intention to collaborate in the area of competency development, capability building and education activities.
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