(RTTNews) - The Malaysian stock market finished just a handful of points lower on Wednesday, but tat was enough to halt the six-day winning streak in which it had gathered more than 30 points or 2.7 percent along the way. The Kuala Lumpur Composite Index remained above the 1,270-point plateau, and now analysts are expecting the market to tick cautiously higher again at the opening of trade on Thursday.

The global forecast for the Asian markets calls for modest gains on strength from the financial and property sectors - although a mild retreat in the price of oil and other commodities may pare the overall market gains. The European and U.S. markets finished with mild gains, and now the Asian markets are also tipped to trend higher.

The KLCI finished slightly lower on Wednesday on profit taking from the recent winning streak. Gains among the financials were erased by modest selling among the plantation and industrial sectors.

For the day, the index eased 3.93 points or 0.3 percent to finish at 1,270.15 after trading between 1,279.52 and 1,269.11. Volume was 1.099 billion shares worth 1.169 billion ringgit. There were 448 decliners and 255 gainers, with 234 stocks finishing unchanged.

Among the actives, CIMB Group, Xidelang Holdings, Compugates, AMMB Holdings and Public Bank all finished higher, while Sime Darby, Time Engineering, Multi Sports and British American Tobacco all ended lower.

The lead from Wall Street is firmly positive as stocks rose by respectable margins on Wednesday, despite few market catalysts due to the Veterans Day holiday. The major averages all closed firmly in positive territory but well off of their best levels of the day.

Early strength in the markets came amid some positive economic indicators from China, including reports showing strong industrial output and retail sales growth. The data added to the prospect of resurgence in demand for resources.

On the earnings front, Macy’s (M) reported a third-quarter net loss that was narrower than expected on sales that topped estimates. Nonetheless, shares of the retailer plunged after the company forecast fourth quarter and full year earnings below analyst estimates.

Shares of American International Group (AIG) also came under pressure after CEO Robert Benmosche told the firm’s board of that he is considering stepping down from the position, citing constraints imposed by government overseers.

In other news, Adobe Systems (ADBE) said it would cut about 680 full-time jobs worldwide to appropriately align its costs in connection with its 2010 operating plan. As a result, the company said it expects to record about $65.0 million to $71.0 million in pre-tax restructuring charges.

The major averages all saw modest upside in late session dealing, ending comfortably in positive territory. The Dow gained 44.29 points or 0.4 percent to close at 10,291.26, the NASDAQ advanced by 15.82 points or 0.7 percent to 2,166.90 and the S&P 500 rose by 5.50 points or 0.5 percent to end at 1,098.51.

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Posted in Categories: Eurozone, Releases, Stocks, UK, USA.

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