KLCI likely to cap 2014 on lacklustre note

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KUALA LUMPUR (Dec 31): The FBM KLCI will likely cap 2014 on a lacklustre note today, having already given up 5.36% or 100.13 points year-to-date as at Dec 30.

Investors backed away from global equity markets on Tuesday, with light volume magnifying moves, as worries about Greece's future in the euro zone pushed shares lower and lifted safe havens such as gold and U.S. government debt, according to Reuters.

Oil prices fell to 5-1/2 year lows , while copper rose for the first session in five, a day after dropping to a 4-1/2 year low.

Wall Street ended lower, after the S&P 500's latest record high on Monday. The benchmark index is on track to close a third straight year of double-digit positive returns, said Reuters.

The Dow Jones industrial average fell 55.16 points, or 0.31 percent, to 17,983.07, the S&P 500 lost 10.22 points, or 0.49 percent, to 2,080.35 and the Nasdaq Composite  dropped 29.47 points, or 0.61 percent, to 4,777.44.

The local market is also devoid of fresh catalysts at the moment to lift sentiments, already somewhat dampened by falling crude oil prices and compounded by the AirAsia Indonesia flight QZ8501 debris found yesterday and the grim recovery task by search and rescue workers.

With most regional markets already closed for the year, and the less than encouraging overnight close at Wall Street, investors are likely to stay on the sidelines today.