KLCI to extend bearish run, stay below 1,700 in line with global sell-off

TheEdge Thu, Oct 25, 2018 06:09am - 5 years View Original


KUALA LUMPUR (Oct 25): The FBM KLCI is expected to extend its bearish run today and stay below the 1,700-level, in line with the overnight global sell-off as well as the lack of domestic catalysts.

Wall Street stock indexes tumbled on Wednesday as spooked investors ran for safety on global economic and political worries while U.S. Treasuries prices climbed and the U.S. dollar surged.

The S&P 500 and the Dow Jones Industrial Average erased their gains for the year while Nasdaq confirmed a correction and the CBOE volatility index registered its highest close since February.

The Dow Jones Industrial Average fell 608.01 points, or 2.41 percent, to 24,583.42, the S&P 500 lost 84.59 points, or 3.09 percent, to 2,656.1 and the Nasdaq Composite dropped 329.14 points, or 4.43 percent, to 7,108.40.

Based on corporate announcements and news flow yesterday, stocks in focus today may include YKGI Holdings Bhd, CapitaLand Malaysia Mall Trust, Hua Yang Bhd, Eupe Corp Bhd, Pantech Group Holdings Bhd, IGB Real Estate Trust (IGB REIT), LB Aluminium Bhd, Key Alliance Group Bhd and Selangor Properties Bhd.

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