Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 12): The FBM KLCI is expected to edge higher today on some mild bargain hunting, but sentiment is likely to remain cautious ahead of the shorter trading week for the Lunar New Year (CNY) holiday starting this Friday.

With many investors planning their holidays with the usual exodus during the yearly CNY festive season, the local market could remain lacklustre over the new few days.

Also in focus will be data set to be released in the U.S. this week, coupled with volatile crude oil prices.

U.S. stocks ended with a more than 1 percent gain on Friday after another session of whipsaw trading, though the Dow and S&P 500 posted their biggest weekly losses since January 2016, according to Reuters.

Even with Friday's gains, all three major U.S. indexes were down more than 5 percent for the week, and investors said the sharp swings that marked the week's trading were likely to continue, it said.

The Dow Jones Industrial Average rose 330.44 points, or 1.38 percent, to 24,190.9, the S&P 500 gained 38.55 points, or 1.49 percent, to 2,619.55 and the Nasdaq Composite added 97.33 points, or 1.44 percent, to 6,874.49.

Reuters also reported that next week, coming off one of the most volatile stretches in years, two important readings on U.S. inflation could help determine whether the stock market begins to settle or if another bout of volatility is in store. If the January's U.S. consumer price index due next Wednesday from the U.S. Labor Department, and the producer price index the next day, come in higher than the market anticipates, brace for more selling and gyrations for stocks.

Based on corporate announcements and newsflow last Friday, companies in the spotlight today may include: Malaysia Airports Holdings Bhd, Salutica Bhd, RHB Bank Bhd, Kuantan Flour Mills Bhd, Amcorp Properties Bhd, KKB Engineering Bhd, Bumi Armada Bhd and PUC Bhd.

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