KLCI seen drifting sideways, defend 1,800-level

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KUALA LUMPUR (Sept 5): The FBM KLCI is seen drifting sideways today, in line with the weaker overnight close at most global markets.

The local bourse is likely to defend its 1,800-point level as local buying sentiment has somewhat improved over the last two days.

Stocks fell in major markets around the world on Tuesday, and emerging markets currencies lost ground while the dollar rose as investors braced for an escalation in the U.S.-China trade conflict, according to Reuters.

Emerging markets stocks and currencies were under added pressure on concerns about inflation in Turkey and after data showed South Africa had slumped into recession in the second quarter, it said.

The Dow Jones Industrial Average fell 12.34 points, or 0.05 percent, to 25,952.48, the S&P 500 lost 4.79 points, or 0.17 percent, to 2,896.73 and the Nasdaq Composite dropped 18.29 points, or 0.23 percent, to 8,091.25, said Reuters.

Based on corporate announcements and news flow yesterday, companies that may be in focus today may include the following: IJM Corp Bhd, Pesona Metro Holdings Bhd, Borneo Aqua Harvest Bhd, Ark Resources Bhd, Sapura Energy Bhd and UEM Edgenta Bhd.