KLCI likely to start December in subdued fashion

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KUALA LUMPUR (Dec 4): The FBM KLCI is likely to start the first trading day of December in subdued fashion given the fall at Wall Street last Friday, but some year end window dressing activities and bargain hunting on battered stocks may help support the local market to stay within reach of its resistance level of 1,730 points.

U.S. stocks, the dollar and Treasury yields fell on Friday in a volatile session tied to developments in a probe into Russia's involvement in the U.S. election as well as by progress with a tax bill in Congress, according to Reuters.

Stocks and the greenback tanked mid-session after an ABC report that former national security adviser Michael Flynn was prepared to testify that Donald Trump instructed him to make contact with Russians during the presidential campaign, it said.

The Dow Jones Industrial Average fell 40.76 points, or 0.17 percent, to 24,231.59, the S&P 500 lost 5.36 points, or 0.20 percent, to 2,642.22 and the Nasdaq Composite dropped 26.39 points, or 0.38 percent, to 6,847.59, said Reuters.

Based on corporate announcements and news flow last Friday, companies that may be in focus today may include the following: Nestle (M) Bhd, Press Metal Aluminium Holdings Bhd, DRB-Hicom Bhd, Hengyuan Refining Company Bhd, Iskandar Waterfront City Bhd, Carlsberg Brewery Malaysia Bhd, BIMB Holdings Bhd, Tropicana Corp Bhd, Iris Corp Bhd, Vivocom Intl Holdings Bhd and Lafarge Malaysia Bhd.