KLCI to trend sideways, 1,720 seen as hurdle

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KUALA LUMPUR (Nov 27): The FBM KLCI is seen starting the week trending sideways, with immediate hurdle seen at the 1,720-point level.

Despite the firm close at most global markets last Friday, market breadth at the local bourse has remained negative with sellers outpacing buyers, and the domestic corporate earnings having minimal impact on investors.

Major global and U.S. stock indices set fresh all-time highs on Friday, buoyed by a bright business outlook and strong corporate earnings, while the economy's strength in continental Europe lifted the euro to a two-month high against the dollar, according to Reuters.

Gains in Amazon.com, Facebook and Broadcom lifted the S&P 500, Nasdaq Composite and MSCI all-country world index to closing record highs. The Dow Jones Industrial Average also closed higher, but did not set a record, it said.

The Dow Jones Industrial Average rose 31.81 points, or 0.14 percent, to 23,557.99. The S&P 500 gained 5.34 points, or 0.21 percent, to 2,602.42 and the Nasdaq Composite added 21.80 points, or 0.32 percent, to 6,889.16, said Reuters.

Based on corporate announcements and news flow last Friday, stocks in focus today may include: Supermax Corp Bhd, Top Glove Corp Bhd, Adventa Bhd, Berjaya Food Bhd, Time Dotcom Bhd, Eita Resources Bhd, Chemical Company of Malaysia Bhd, Ann Joo Resources Bhd, Sime Darby Bhd, UMW Oil & Gas Corp Bhd, Malaysia Airports Holdings Bhd, SKP Resources Bhd and Damansara Realty Bhd.