KLCI seen trading range bound, hurdle at 1,690

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KUALA LUMPUR (March 21): The FBM KLCI is seen trading range bound today, with support at the 1,680 and hurdle at 1,690-levels, as local investor sentiment remains wary.

Stocks across the world fought to extend their longest winning streak of the year on Wednesday, with a global index edging up as a boost from a dovish Federal Reserve more than offset concerns over U.S.-China trade talks, according to Reuters.

In a major shift in its perspective, the Fed expects no rate hikes this year and only one in 2020, no longer anticipating the need to guard against inflation with restrictive monetary policy. The central bank also said it would stop reducing the size of its balance sheet by the end of September, sooner than expected, it said.

On Wall Street the Dow Jones Industrial Average fell 13.51 points, or 0.05 percent, to 25,873.87, the S&P 500 gained 4.34 points, or 0.15 percent, to 2,836.91 and the Nasdaq Composite added 34.70 points, or 0.45 percent, to 7,758.64, said Reuters.

Based on corporate announcements and news flow yesterday, companies that may be in focus today may include the following: Sime Darby Plantation Bhd, Lotte Chemical Titan Holding Bhd, Nylex (Malaysia) Bhd, Utusan Melayu (Malaysia) Bhd, Econpile Holdings Bhd, Sunway Construction Group Bhd, KKB Engineering Bhd, Top Glove Corp Bhd, KLCCP Stapled Group Bhd, UEM Sunrise Bhd and Bermaz Auto Bhd.