KLCI seen subdued in line with global markets, hurdle at 1,660

TheEdge Fri, Dec 21, 2018 05:35am - 5 years View Original


KUALA LUMPUR (Dec 21): The FBM KLCI is seen subdued today in line with the overnight slide at most global markets, with hurdle at the 1,660-level.

World equity markets continued a week-long slide on Thursday, one day after the U.S. Federal Reserve indicated it was set on its path to hike interest rates next year despite signs that global economic growth is stuttering, according to Reuters.

The Fed's move on Wednesday largely to adhere to its plan for additional rate hikes over the next two years raised worries for market participants from Asia to Europe, and major indexes fell to their lowest in two years as investors flocked to the relative safety of government debt, it said.

On Wall Street, the Dow Jones Industrial Average fell 464.06 points, or 1.99 percent, to 22,859.6, the S&P 500 lost 40.14 points, or 1.60 percent, to 2,466.82 and the Nasdaq Composite dropped 108.42 points, or 1.63 percent, to 6,528.41, said Reuters.

Based on corporate announcements and news flow yesterday, companies that may be in focus today may include: Genting Malaysia Bhd, Tenaga Nasional Bhd (TNB), E.A. Technique (M) Bhd, KKB Engineering Bhd, Cahya Mata Sarawak Bhd, YFG Bhd, Atta Group Global Bhd, Dagang Nexchange Bhd (Dnex) and Aeon Credit Service (M) Bhd. 

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