KLCI to start December on positive note on mild bargain hunting

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KUALA LUMPUR (Dec 3): The FBM KLCI is expected to start December on a positive on some mild bargain hunting, tracking Wall Street last Friday, after the benchmark index fell some 29 points month-on-month in November.

Also, the year end window dresssing activities may help prop up the FBM KLCI, albeit cautiously.  

Oil and gas-related stocks could be in focus today as crude oil prices fell last Friday.

Oil prices retreated on Friday amid a global glut, racking up a 20 percent drop for November, while world equity markets were mixed ahead of weekend talks between U.S. President Donald Trump and Chinese leader Xi Jinping, according to Reuters.

U.S. shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks, it said.

On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 percent, to 25,538.46, the S&P 500 gained 22.4 points, or 0.82 percent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 percent, to 7,330.54, said Reuters.

Based on corporate announcements and news flow last Friday, stocks in focus today may include: Genting Malaysia Bhd, Genting Bhd, MCT Bhd, FGV Holdings Bhd, UMW Holdings Bhd, Star Media Group Bhd, Ekovest Bhd, Petronas Gas Bhd and Carlsberg Brewery Malaysia Bhd.