KLCI to hover above 1,680 level, oil & gas stocks seen in focus

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KUALA LUMPUR (Dec 26): The FBM KLCI is expected to hover above the 1,680 level today on some year-end dressing activities despite the fall at most global markets on Monday.

Meanwhile, oil and gas-related stocks may come under some pressure as crude oil prices fell.

A gauge of stocks worldwide posted an eighth straight decline on Monday as investors ignored Trump administration attempts to reinforce confidence and the US president called the Federal Reserve the "only problem our economy has", according to Reuters.

Investors, also facing the likelihood of a prolonged US government shutdown, fled to the relative safety of bonds and gold during the first day of a week of trading shortened by the Christmas holiday.

Oil prices, meanwhile, tumbled more than 6% on Monday to the lowest in over a year, it said.

Brent crude futures were down US$3.02 a barrel at US$50.80. US crude futures fell US$2.94 to trade at US$42.65.

The Dow Jones Industrial Average fell 653.17 points, or 2.91%, to 21,792.2, the S&P 500 lost 65.52 points, or 2.71%, to 2,351.1 and the Nasdaq Composite dropped 140.08 points, or 2.21%, to 6,192.92, said Reuters.

Based on corporate announcements and news flow on Monday, companies that may be in focus today may include: TSR Capital Bhd, MCE Holdings Bhd and AirAsia Group Bhd.