KLCI to trend sideways as global markets lose steam

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KUALA LUMPUR (Dec 14): The FBM KLCI is expected to trend sideways today, tracking the overnight close at most global markets.

A gauge of world equities gave up early gains and turned negative on Thursday, continuing a pattern seen for the past several sessions, while the euro eased after the European Central Bank's policy announcement, according to Reuters.

In the United States, each of the major indexes were trading in negative territory as cautious trade optimism faded along with initial gains. Nervousness has heightened volatility in stocks recently with the S&P 500 closing on its lows in the prior session, it said.

The Dow Jones Industrial Average fell 36.28 points, or 0.15 percent, to 24,490.99, the S&P 500 lost 11.64 points, or 0.44 percent, to 2,639.43 and the Nasdaq Composite dropped 55.77 points, or 0.79 percent, to 7,042.54, said Reuters.

Based on corporate announcements and news flows yesterday, stocks on focus today may include: RHB Bank Bhd, Utusan Melayu (Malaysia) Bhd, Can One Bhd, Kian Joo Can Factory Bhd, Pasukhas Group Bhd, Petronas Dagangan Bhd, Malayan United Industries, Vertice Bhd, SCGM Bhd, AirAsia Group Bhd, Eco World Development Group Bhd, Eco World International Bhd, Protasco Bhd, Perdana Petroleum Bhd and Jaks Resources Bhd