KLCI to take a breather, seen remaining above 1,700-points level

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KUALA LUMPUR (July 16): The FBM KLCI is expected to pause for a breather today after having accelerated over last week despite the generally cautious sentiment at most markets given the U.S.-China tariff overtures.

However, the benchmark local index is seen remaining above the crucial 1,700-point level.

The benchmark S&P 500 index hit a more than five-month high on Friday on gains in industrial stocks and energy companies, while the safe-haven U.S. dollar flattened after touching a two-week high, according to Reuters.

Gold slipped to seven-month lows and Treasury prices rose after the Federal Reserve reinforced views of strong U.S. economic growth in a report to Congress, reinforcing expectations of higher interest rates, it said.

The Dow Jones Industrial Average rose 94.52 points, or 0.38 percent, to 25,019.41, the S&P 500 gained 3.02 points, or 0.11 percent, to 2,801.31 and the Nasdaq Composite added 2.06 points, or 0.03 percent, to 7,825.98, said Reuters.

Based on corporate announcements and news flow yesterday, companies in focus on today may include: IHH Healthcare Bhd, JAKS Resources Bhd, Star Media Group Bhd, Bintai Kinden Corp Bhd and DiGi.Com Bhd.