KLCI to tread water as global markets stay weak

-A +A

KUALA LUMPUR (April 26): The FBM KLCI is expected to tread water today as global markets remained weak overnight, while Wall Street eked out small gains.

A gauge of global equities suffered its longest losing streak this year on Wednesday as 10-year U.S. Treasury yields again scaled the 3 percent mark, stoking concerns about rising costs that could dampen corporate profits, according to Reuters.

The benchmark 10-year note yield edged up to 3.035 percent for a second day as jitters about growing federal borrowing spurred more selling in U.S. government debt. Should it climb above 3.041 percent, its peak in January 2014, it will likely move into territory last seen in summer 2011, analysts said, it said.

The Dow Jones Industrial Average rose 59.7 points, or 0.25 percent, to 24,083.83, the S&P 500 gained 4.84 points, or 0.18 percent, to 2,639.40 and the Nasdaq Composite dropped 3.62 points, or 0.05 percent, to 7,003.74, said Reuters.

Based on corporate announcements and news flow yesterday, companies that may be in focus today may include the following: Dutch Lady Milk Industries Bhd, CIMB Group Holdings Bhd, Axis Real Estate Investment Trust, Kuala Lumpur Kepong Bhd, Hap Seng Consolidated Bhd, Caring Pharmacy Group Bhd, Protasco Bhd, Priceworth International Bhd, LB Aluminium Bhd, Vertice Bhd, PRG Holdings Bhd, AmFirst Real Estate Investment Trust, Maxwell International Holdings Bhd and China Ouhua Winery Holdings Ltd.