KLCI to remain lacklustre, struggle to breach 1,720-level

-A +A

KUALA LUMPUR (Nov 28): The FBM KLCI is expected to remain lacklustre today in line with the overnight close at most global markets, and struggle to breach the 1,720-point level.

Malaysian semiconductor players could be in focus following losses in global chipmaker shares.

Declines in chipmaker shares weighed on stocks across the globe on Monday, while U.S. energy shares fell as crude dropped and the dollar slipped against the yen, according to Reuters.

U.S. chipmaker stocks fell 1.0 percent after closing at a record high on Friday. A Morgan Stanley note on global technology downgraded Samsung and Taiwan Semiconductor and argued it is time for a pause for chipmakers, which have seen stellar performance this year, it said.

The Dow Jones Industrial Average rose 30.43 points, or 0.13 percent, to 23,588.42, the S&P 500 lost 0.29 points, or 0.01 percent, to 2,602.13 and the Nasdaq Composite dropped 8.62 points, or 0.13 percent, to 6,880.54, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Glomac Bhd, Manulife Holdings Bhd, Affin Holdings Bhd, China Stationery Ltd, Tiong Nam Logistics Holdings Bhd, Eastern & Oriental Bhd, Eversendai Corp Bhd, Zecon Bhd, RHB Bank Bhd and QL Resources Bhd.