KLCI to drift sideways, Sime Darby listings may provide excitement

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KUALA LUMPUR (Nov 30): The FBM KLCI is expected to drif sideways today and hover below the 1,730 level in line with the mixed overnight close at most global markets.

The local bourse, however, may experience some excitement with the long awaited listing of Sime Darby Plantation Bhd and Sime Darby Property Bhd.

The British pound touched a two-month high versus the U.S. dollar on Wednesday as Britain and the European Union moved closer to a Brexit deal, while a tech-sector selloff weighed on Wall Street and on stocks globally, according to Reuters.

Traders moved out of technology shares and into bank stocks that rose sharply after the nominee to head the Federal Reserve said some regulations could be scaled back, while acknowledging interest rates could gradually continue to rise, it said.

The Dow Jones Industrial Average rose 86.57 points, or 0.36 percent, to 23,923.28, the S&P 500 lost 2.88 points, or 0.11 percent, to 2,624.16 and the Nasdaq Composite dropped 98.52 points, or 1.43 percent, to 6,813.84, said Reuters.

Based on corporate announcements and news flow today, stocks in focus today may include: Serba Dinamik Holdings Bhd, Yinson Holdings Bhd, MyEG Services Bhd, AirAsia Bhd, Media Prima Bhd, Mah Sing Group Bhd, Wah Seong Corp Bhd, OldTown Bhd, Ikhmas Jaya Group Bhd and Gas Malaysia Bhd.