KLCI expected to snap losing streak, gains seen capped

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KUALA LUMPUR (Nov 17): The FBM KLCI is expected to snap its five-day losing streak and trend sideways today, in line with the overnight advance at Wall Street, although gains at the local market will likely be capped.

U.S. stocks rose and the dollar edged higher against a basket of major currencies on Thursday after the U.S. House of Representatives passed its version of a tax overhaul bill, according to Reuters.

After five consecutive daily losses, the MSCI index of world stocks was up 0.8 percent, helped by U.S. stocks, which extended gains following the House vote. The Nasdaq hit a record high, it said.

In late trading, the Dow Jones Industrial Average was up 192.29 points, or 0.83 percent, to 23,463.57, the S&P 500 gained 21.77 points, or 0.85 percent, to 2,586.39 and the Nasdaq Composite added 91.73 points, or 1.37 percent, to 6,797.94, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Sime Darby Bhd, Vitrox Corp Bhd, Salcon Bhd, Econpile Holdings Bhd, Voir Holdings Bhd, LBS Bina Group Bhd, Sapura Industrial Bhd, SCH Group Bhd, R&A Tecommunications Group Bhd, Ancom Bhd and SWS Capital Bhd.