Malaysia Hot Stocks-Market seen up; planters to shine
KUALA LUMPUR, April 17 (Reuters) - Malaysian stocks are expected to rise for the third straight day on Thursday, led by plantation stocks, after a strong Wall Street rally on solid earnings by U.S. banks and technology firms.
Dealers said palm oil firms such as IOI Corp (IOIB.KL: Quote, Profile, Research, Stock Buzz), and Sime Darby (SIME.KL: Quote, Profile, Research, Stock Buzz) and Kuala Lumpur Kepong (KLKK.KL: Quote, Profile, Research, Stock Buzz), could continue to rise on buoyant palm oil prices. The market has risen 20 percent this year on firm Indian and Chinese demand.
"The stock market should be up today, with plantation shares holding up the index," said a dealer at a local brokerage.
"But overall volume is thin. Investors are still cautious amid the country's political uncertainties."
On Wednesday, Deputy Prime Minister Najib Razak dismissed the possibility of a snap election should a sufficient number of ruling coalition members cross over to the opposition.
"We are not in a crisis in the sense that we are going to be toppled anytime," he told reporters. "I don't believe that's the case."
The benchmark Kuala Lumpur Composite Index .KLSE rose 0.76 percent to close Wednesday at 1,253.64 points. For the year, the 100-share index has lost 13.2 percent, compared to a two-percent drop in Bangkok's SETI index in neighbouring Thailand.
The April futures index KLIJ8 put the index at 1,260.5 points.
U.S. stocks vaulted higher on Wednesday after Intel Corp (INTC.O: Quote, Profile, Research, Stock Buzz), J P Morgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and other blue chips reported earnings that reassured investors worried that a weak economy would sap corporate profits.
All three major indexes ended up more than 2 percent.
The Dow Jones industrial average .DJI jumped 256.80 points, or 2.08 percent, to close at 12,619.27, while the Standard & Poor's 500 Index .SPX rose 30.28 points, or 2.27 percent, to 1,364.71. The Nasdaq Composite Index .IXIC surged 64.07 points, or 2.80 percent, to close at 2,350.11. (Reporting by Jalil Hamid; Editing by Clarence Fernandez)
© Thomson Reuters 2008 All rights reserved
Ads by Career Builder
Account Executive - Fashion
Details: ...Florida for Luxury and Consumer Goods industries. Our...very fast growing and successful watch...Responsibilities: Manage and develop existing...
HR Generalist (Luxury Retail)
Details: ...over 70,000 people and operates 1,600 stores...DKNY, Marc Jacobs and Thomas Pink. This...within their perfume and cosmetics division...
Global Supply Chain Finance Manager
Details: ...quality financial and business management...detailed reporting and analysis for manufacturing and planning (including...
Senior Account Manager
Details: ...goals of maintaining and growing Warehousing and Transportation (WMS...NVOCC, air freight and other end-to-end supply...




