KLCI to track global markets, tick higher but gains seen limited

TheEdge Tue, Mar 27, 2018 05:50am - 6 years View Original


KUALA LUMPUR (March 27): The FBM KLCI is expected to tick higher today, tracking overnight gains at most global markets.

However, any advance at the local bourse may be limited as the coordinatinated expulsion of Russian diplomats by several countries on Monday,including by the U.S. may weigh on investor sentiment.

Also, while a U.S.-China trade war fear may have abated for now, technology-related stocks may continute to tread water as Facebook took a beating at Wall Street overnight.

Stocks rose almost everywhere on Monday, reflecting optimism that the United States and China are set to begin negotiations on trade, according to Reuters.

MSCI's world equity index, which tracks shares in 47 countries, rose 1.53 percent after touching its level since Feb. 9, stirred by expectations that U.S. Treasury Secretary Steven Mnuchin would try to reach an agreement with China, it said.

The Dow Jones Industrial Average rose 669.4 points, or 2.84 percent, to 24,202.6, the S&P 500 gained 70.29 points, or 2.72 percent, to 2,658.55 and the Nasdaq Composite added 227.88 points, or 3.26 percent, to 7,220.54. Each index turned in its best day of performance since August 2015, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Eduspec Holdings Bhd, Serba Dinamik Holdings Bhd, myNEWS Holdings Bhd, Vivocom Intl Holdings Bhd, Prolexus Bhd, Uchi Technologies Bhd, OSK Holdings Bhd, Sapura Energy Bhd, Progressive Impact Corp Bhd, UMW Holdings Bhd and MBM Resources Bhd.

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