KLCI seen trending lower, first quarter earnings in focus

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KUALA LUMPUR (May 23): The FBM KLCI is seen trending lower today in line with the overnight retreat at most global markets.

Sentiment may also be dented with the less than impressive first quarter earnings of several key blue-chips.

Global stock markets tipped downward on Tuesday as Wall Street investors locked in recent gains while taking a cautious view of fresh U.S.-China comments even as European shares approached four-month peaks and China moved to further open up its economy, according to Reuters.

U.S. President Donald Trump on Tuesday said he was not pleased with recent trade discussions with China, reversing optimism about a warming relationship between the world's two largest economies that led to a strong rally the prior session, it said.

The Dow Jones Industrial Average fell 177.3 points, or 0.71 percent, to 24,835.99, the S&P 500 lost 8.38 points, or 0.31 percent, to 2,724.63 and the Nasdaq Composite dropped 15.58 points, or 0.21 percent, to 7,378.46, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include the following: Axiata Group Bhd, AirAsia X Bhd, UMW Holdings Bhd, Inari Amertron Bhd, Serba Dinamik Holdings Bhd, Destini Bhd, Tropicana Corp Bhd, Hua Yang Bhd, Utusan Melayu (Malaysia) Bhd, UOA Real Estate Investment Trust, Lafarge Malaysia Bhd, Taliworks Corp Bhd and Metrod Holdings Bhd.