KLCI to trend sideways, hurdle at 1,685

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KUALA LUMPUR (Jan 9): The FBM KLCI is seen trending sideways today with immediate hurdle at the 1,685-point level.

Sentiment at the local market has been somewhat muted despite the uptrend at most global markets.

An index of world stock markets rose for the third straight session on Tuesday, with investors hopeful that the United States and China would strike a deal to end their months-long trade war that has hurt financial markets, according to Reuters.

Increased risk appetite helped lift US Treasury yields, while the dollar, which hit an 11-week low on Monday, rebounded as the euro weakened on concerns about a slowdown in the euro zone economy, it said.

On Tuesday, the Dow Jones Industrial Average rose 256.1 points, or 1.09%, to close at 23,787.45, the S&P 500 gained 24.72 points, or 0.97%, to finish at 2,574.41 and the Nasdaq Composite added 73.53 points, or 1.08%, to end at 6,897.00, said Reuters.

Based on corporate announcements and news flow yesterday, companies that could be in focus today may include the following: Malaysia Marine and Heavy Engineering Holdings Bhd, Top Glove Corp Bhd, Hovid Bhd, Boustead Plantations Bhd, Menang Corp (M) Bhd, D’Nonce Technology Bhd and Sanbumi Holdings Bhd.