KLCI to trade range bound, remain below 1,730

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KUALA LUMPUR (Dec 8): The FBM KLCI is expected to trade range bound in line with the overnight gains at most global markets, but remain below its resistance level of 1,730 as sentiment at the local bourse stays jittery.

While some window dressing activities may lift the local benchmark index, the broader domestic market has remained somewhat lukewarm to developments at the foreign markets.

A gauge of global stocks gained on Thursday, led by Wall Street, and the U.S. dollar touched a two-week high before pulling back as risk appetite returned and investors braced for developments with U.S. policy and for a key U.S. jobs report due on Friday.

Major U.S. equity indexes were solidly higher, while oil prices rebounded a day after hitting two-week lows.

The Dow Jones Industrial Average rose 84.63 points, or 0.35 percent, to 24,225.54, the S&P 500 gained 8.21 points, or 0.31 percent, to 2,637.48 and the Nasdaq Composite added 34.82 points, or 0.51 percent, to 6,811.20.

Based on corporate announcements and news flow today, stocks in focus on Friday (Dec 8) may include: Sapura Energy Bhd, Supermax Corp Bhd, SCGM Bhd, Poh Kong Holdings Bhd, ML Global Bhd, Acoustech Bhd, LCTH Corp Bhd and MQ Technology Bhd.