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KLCI seen trading range bound, hurdle at 1,790

TheEdge Mon, Oct 08, 2018 05:50am - 10 months ago


KUALA LUMPUR (Oct 8): Sentiment at the local market is seen dampened today, tracking the slump at most global markets last Friday, and the FBM KLCI is expected to trade range bound with hurdle at 1,790 points.  

Major world stock markets sank for a second straight day on Friday after strong U.S. jobs numbers signaled a continued tightening of the labor market and increased inflation pressures, while Treasury yields rose again to multi-year highs, according to Reuters.

The increase in U.S. non-farm payrolls slowed in September, likely from Hurricane Florence's impact on restaurant and retail payrolls, but the Labor Department report also showed a rise in wages that could keep the Federal Reserve on track for more interest rate hikes, it said.

The Dow Jones Industrial Average fell 180.43 points, or 0.68 percent, to 26,447.05, the S&P 500 lost 16.04 points, or 0.55 percent, to 2,885.57. The Nasdaq Composite dropped 91.06 points, or 1.16 percent, to 7,788.45, marking its first weekly percentage decline since march, said Reuters.

Based on corporate announcements and news flow last Friday, companies that may be in focus Monday may include the following: Inta Bina Group Bhd, Oceancash Pacific Bhd, EA Technique Bhd, Malaysia Marine Heavy Engineering Holdings Bhd, My EG Services Bhd, S P Setia Bhd, Sime Darby Property Bhd, Tien Wah Press Holdings Bhd, Willowglen MSC Bhd and Zelan Bhd.








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