KLCI to trade range bound with upward bias

TheEdge Thu, Jun 08, 2017 05:51am - 6 years View Original


KUALA LUMPUR (June 8): The FBM KLCI is expected to trade range bound today with an upward bias, in line with the higher overnight close at Wall Street, but sentiments may be tempered with ongoing terrorist attacks in various nations as well as ahead of the United Kingdom elections set for Thursday.

U.S. stocks closed higher and Treasury yields rose on Wednesday after the release of written testimony from ex-FBI chief James Comey, with investors looking ahead to his U.S. Senate appearance on Thursday, the same day as a British parliamentary vote and a European Central Bank meeting, according to Reuters.

A smoothly executed rescue of Spain's Banco Popular lifted bank stocks in Europe, while oil prices suffered a steep slide after the U.S. government reported an unexpected increase in crude and gasoline inventories, it said.

The Dow Jones Industrial Average rose 37.46 points, or 0.18 percent, to end at 21,173.69, the S&P 500 gained 3.81 points, or 0.16 percent, to 2,433.14 and the Nasdaq Composite added 22.32 points, or 0.36 percent, to 6,297.38, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Felda Global Ventures Holdings Bhd, Selangor Dredging Bhd, Yinson Holdings Bhd, Anzo Holdings Bhd, Key Alliance Group Bhd, CAB Cakaran Corporation Bhd, Sumatec Resources Bhd, Trive Property Group Bhd, RHB Bank Bhd, Crest Builder Group Bhd and Astro Malaysia Holdings Bhd.

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