KLCI expected to stay below 1,720-level as bears remain in control

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KUALA LUMPUR (Dec 5): The FBM KLCI is expected to stay below the 1,720-point today in line with the mixed overnight close at most global markets, as bears remain in control at the local bourse.

Global stock markets rose on Monday, along with the dollar and Treasury yields, after a major U.S. tax overhaul cleared an important hurdle, according to Reuters.

Markets reacted strongly to the U.S. Senate's approval on Saturday of the biggest tax law change since the 1980s, taking President Donald Trump closer to his goal of slashing taxes on businesses, it said.

Meanwhile, Wall Street ended mixed on Monday, with banks and retailers surging and technology companies tanking as investors adjusted their portfolios in hopes of benefiting from expected corporate tax cuts, said Reuters.

The Dow Jones Industrial Average rose 58.46 points, or 0.24 percent, to 24,290.05, the S&P 500 lost 2.78 points, or 0.11 percent, to 2,639.44 and the Nasdaq Composite dropped 72.22 points, or 1.05 percent, to 6,775.37, it said.

Based on corporate announcements and news flow yesterday, companies in focus today may include: Handal Resources Bhd, IOI Corp Bhd, KKB Engineering Bhd, Berjaya Food Bhd, Berjaya Corp Bhd, Trive Property Group Bhd, Kronologi Asia Bhd, Al-Salam Real Estate Investment Trust, Hovid Bhd, UOA Development Bhd, Ireka Corp Bhd, Cypark Resources Bhd, UMW Oil & Gas Corp Bhd, IJM Corp Bhd and Sunway Construction Sdn Bhd.