Friday 29 Mar 2024
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KUALA LUMPUR (Oct 1): The FBM KLCI is expected to commence the final quarter of 2018 on a subdued note today as market participants await more directions from finance minister Lim Guan Eng when he tables Budget 2019 on Nov 2.

Although the local benchmark index had amassed more than 100 points during the third quarter of this year, sentiment is expected to stay subdied as external factors remain a worry to investors apart from domestic developments.

The U.S. dollar and stocks gained on Friday, but Italy's government bonds, European stock markets and the euro were slammed by deepening worries about the Italian budget and its new higher-than-expected deficit target, according to Reuters.

Rome on Thursday targeted a budget deficit of 2.4 percent of gross domestic product (GDP) for the next three years, marking a victory for party chiefs over economy minister Giovanni Tria, an unaffiliated technocrat, it said.

The Dow Jones Industrial Average rose 43.24 points, or 0.16 percent, to 26,483.17, the S&P 500 gained 3.12 points, or 0.11 percent, to 2,917.12 and the Nasdaq Composite added 7.18 points, or 0.09 percent, to 8,049.14, it said.

In Asia earlier, Japan's Nikkei stock index raced to a 27-year high on renewed optimism over the global economy and hopes of a boost to its exporters' earnings from a weaker yen. The index closed 1.36 percent higher, said Reuters.

Based on corporate announcements and news flow last Friday, companies in focus today may include: Notion VTec Bhd, IRIS Corp Bhd, Sapura Energy Bhd, Mah Sing Group Bhd, Scomi Group Bhd, Pos Malaysia Bhd, Reach Energy Bhd, Cypark Resources Bhd, Comfort Gloves Bhd, Gamuda Bhd, Kumpulan Perangsang Selangor Bhd (KPS), Berjaya Corp Bhd (BCorp), My EG Services Bhd (MyEG) and Ikhmas Jaya Group Bhd.

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