KLCI seen consolidating, support at 1,690

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KUALA LUMPUR (Feb 8): The FBM KLCI is seen consolidating today, tracking the overnight pull back at most global markets, with support at 1,690 points.

Stocks pulled back sharply around the world on Thursday on fears of a global growth slowdown spreading to Europe and worry about the chances for a resolution of U.S.-China trade tensions anytime soon, while the U.S. dollar strengthened for a sixth session against a basket of currencies, according to Reuters.

MSCI's gauge of stocks across the globe shed 0.98 percent as it receded from two-month highs reached earlier in the week. The pan-European STOXX 600 index lost 1.49 percent after disappointing corporate updates from Publicis and other companies, while Wall Street's S&P 500 benchmark index dropped 0.9 percent, it said.

On Wall Street, the Dow Jones Industrial Average fell 220.77 points, or 0.87 percent, to 25,169.53, the S&P 500 lost 25.56 points, or 0.94 percent, to 2,706.05 and the Nasdaq Composite dropped 86.93 points, or 1.18 percent, to 7,288.35, said Reuters.

Based on corporate announcements and news flow yesterday, companies in focus today may include: Axiata Group Bhd, CCM Duopharma Biotech Bhd, GFM Services Bhd, PJBumi Bhd and Tropicana Corp Bhd.