KLCI to trade range bound, stay below 1,700 as sentiment stays tepid

TheEdge Fri, Oct 26, 2018 05:49am - 5 years View Original


KUALA LUMPUR (Oct 26): The FBM KLCI is expected to trade range bound today tracking the overnight gains at most global markets, but remain below the crucial 1,700-point level as sentiment at the local bourse stays tepid.

U.S. stocks followed Europe higher on Thursday as investors ventured into risky bets again with some encouragement from earnings and the dollar rose against the euro after remarks from Europe's Central Bank chief committed to stimulus withdrawal despite market volatility and worries about global growth, according to Reuters.

Oil prices regained ground as stocks rebounded and as Saudi Arabia's energy minister signaled major producers may need to intervene in crude markets to support prices, it said.

The Dow Jones Industrial Average rose 483.77 points, or 1.97 percent, to 25,067.19, the S&P 500 gained 63.89 points, or 2.41 percent, to 2,719.99 and the Nasdaq Composite added 248.35 points, or 3.49 percent, to 7,356.75, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include Selangor Properties Bhd, Public Bank Bhd, Serba Dinamik Holdings Bhd, Pavilion Real Estate Investment Trust, ViTrox Corp Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Eita Resources Bhd, Luxchem Corporation Bhd, FGV Holdings Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Perak Corp Bhd, Only World Group Holdings Bhd, Cypark Resources Bhd and Paramount Corp Bhd.

 

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