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Late window dressing could nudge KLCI towards 1,700-mark

TheEdge Fri, Dec 28, 2018 05:08am - 1 year ago

KUALA LUMPUR (Dec 28): The FBM KLCI could notch up limited gains as it enters the penultimate trading day of 2018, where some final window dressing activities could push the local index toward the 1,700-mark.

Although international markets ran out of steam yesterday, there is still hope that the FBM KLCI will have the momentum to push towards and end 2018 beyond the crucial 1,700-point level.

A dramatic global stock rally faded on Thursday after a fall in Chinese industrial profits and in U.S. consumer confidence offered reminders of the pressures on the world economy, according to Reuters.

Still, an index of world stocks stayed off near two-year lows hit earlier this week before Wednesday's 1,000 point-plus surge on the U.S. Dow Jones index, which was attributed to the strongest holiday sales in years, it said.

However, the S&P 500 and Dow industrials turned positive late in the session on Thursday, roaring back after steep losses for most of the day, helped by gains in technology and health stocks.

The Dow Jones Industrial Average rose 61.16 points, or 0.27 percent, to 22,939.61, the S&P 500 gained 2.3 points, or 0.09 percent, to 2,470 and the Nasdaq Composite dropped 16.59 points, or 0.25 percent, to 6,537.76, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Malton Bhd, Kronologi Asia Bhd, EcoFirst Consolidated Bhd, UOA Development Bhd, Deleum Bhd, Jadi Imaging Holdings Bhd, Berjaya Corp Bhd, Kim Loong Resources Bhd, Hock Seng Lee Bhd, Ranhill Holdings Bhd and Karyon Industries Bhd.

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