KLCI to drift marginally higher above 1,700 mark, limp into New Year

KLCI to drift marginally higher above 1,700-mark, limp into New Year

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KUALA LUMPUR (Dec 31): The FBM KLCI is expected to limp into the New Year after having so far fallen a little more than 100 points year-to-date.

Taking cue from close at global markets last Friday, the FBM KLCI is likely to drift marginally higher and hover above the 1,700 level on the final trading day of the year on some mild window-dressing activities.  

Global investors gravitated toward safe-haven assets on Friday as worries about the world economy persisted, cutting short a two-day rebound in Wall Street stocks, according to Reuters.

US stock indexes see-sawed, making it difficult to end one of the most brutal December selloffs in memory on a high note, it said.

After flirting with strong gains in the afternoon, the Dow Jones Industrial Average ended down 76.42 points, or 0.33%, to 23,062.4, the S&P 500 lost 3.09 points, or 0.12%, to 2,485.74 and the Nasdaq Composite added 5.03 points, or 0.08%, to end at 6,584.52, said Reuters.

Based on corporate announcements and news flow today, stocks in focus today may include PUC Bhd, Berjaya Land Bhd, Paramount Corp Bhd, Paragon Globe Bhd, Mesiniaga Bhd, YTL Power International Bhd, Scientex Bhd, Red Sena Bhd, CLIQ Energy Bhd, Astro Malaysia Holdings Bhd, Gabungan AQRS Bhd, Fiamma Holdings Bhd, Prestar Resources Bhd and FSBM Holdings Bhd.