KLCI seen trending sideways, dissolution of Parliament removes uncertainties

TheEdge Mon, Apr 09, 2018 05:30am - 3 years ago

KUALA LUMPUR (April 9): The FBM KLCI could trend sideways today despite the plunge at most global markets last Friday, given some semblance of certainty is finally in sight after Prime Minister Datuk Seri Najib Razak announced the dissolution of Parliament and called for the 14th General Election.

With the announcement of the dissolution of Parliament, investors will finally be able to set aside the uncertainty that has long plagued the domestic market and focus on how to tread the trade spat between China and the U.S.

Crude oil and global equity markets tumbled on Friday after U.S. President Donald Trump upped the ante in a trade dispute with China, reviving investor jitters about the impact a tariff war could have on the world economy, according to Reuters.

MSCI's gauge of worldwide equity markets fell more than 1 percent and stocks on Wall Street skidded more than 2 percent after Trump threatened late on Thursday to add another $100 billion of tariffs on Chinese goods, it said.

On Wall Street, the Dow Jones Industrial Average closed down 572.46 points, or 2.34 percent, to 23,932.76. The S&P 500 lost 58.37 points, or 2.19 percent, to 2,604.47 and the Nasdaq Composite dropped 161.44 points, or 2.28 percent, to 6,915.11, said Reuters.

Based on corporate announcements and newsflow last Friday, stocks that will be in focus today may include: TA Enterprise Bhd, Ni Hsin Resources Bhd, Caely Holdings Bhd, Lion Diversified Holdings Bhd, Comfort Gloves Bhd, Suria Capital Holdings Bhd, Tafi Industries Bhd, Sanichi Technology Bhd, G Neptune Bhd and Press Metal Aluminium Holdings Bhd.


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