Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 11): The FBM KLCI is expected to halt its slide and trend sideways today in line with the overnight gains at Wall Street.

US stocks climbed but other major world equity markets were little changed on Thursday ahead of a widely expected interest rate hike by the Federal Reserve (Fed) next week, and oil resumed its slide due to persistent worries about weak demand and a supply glut, according to Reuters.

Oil prices fell to near seven-year lows and overall markets were more subdued as investors looked ahead to the Fed's Dec 15–16 policy meeting, it said.

AffinHwang Capital Research in its retail research report Dec 10 said that the overall market was anticipated to test resistances and trend higher this week onward.

It said better than expected economic headlines locally as well as globally, outperformed concern on China's slowing down.

"Technically, more bullish patterns have unfolded hence anticipated to back strong year-end rally in the near future," it said.

It said the FBM KLCI consolidated firmly in the past two weeks, looking forward to test resistances this week.

Given the selloff over the past four trading days, the market is likely to trend sideways and halt its slide on bargain hunting and window dressing activities ahead of the weekend, in line with the recovery at most global markets.

Based on corporate news flow and announcements yesterday, stocks in today could include DRB-Hicom Bhd, Pos Malaysia Bhd, CLIQ Energy Bhd, Ideal United Bintang Bhd, Eco World Development Group Bhd, S P Setia Bhd, Berjaya Auto Bhd, Malaysia Airports Holdings Bhd and Malaysian Genomics Resources Bhd.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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