KLCI to likely extend gains, eye 1,770-level on window dressing

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KUALA LUMPUR (Dec 26): The FBM KLCI will will likely extend its gains and eye the 1,770-point level on resuming trade today after the extended Christmas holiday weekend on sustained year-end window dressing activities.

Major global stock indexes slipped last Friday in light pre-holiday trade, exacerbated by weakness in several blue-chip companies' shares, while Spanish bond yields rose after separatists won a Catalan election, according to Reuters.

Shoe and apparel maker Nike Inc.'s shares dropped 2.3 percent after it forecast muted current-quarter revenue growth, highlighting its struggles to regain market share in North America from Adidas, it said.

The Dow Jones Industrial Average fell 28.23 points, or 0.11 percent, to close at 24,754.06, the S&P 500 lost 1.23 points, or 0.05 percent, to 2,683.34 and the Nasdaq Composite dropped 5.40 points, or 0.08 percent, to 6,959.96, according to Reuters.

Based on corporate announcements and news flow last Friday, companies that may be in focus today may include: Paramount Corp Bhd, CCM Duopharma Biotech Bhd, Ekovest Bhd, Knusford Bhd, Sentoria Group Bhd, Boustead Holdings Bhd, Kim Loong Resources Bhd, TMC Life Sciences Bhd and New Hoong Fatt Holdings Bhd.