Friday 29 Mar 2024
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KUALA LUMPUR (Nov 23): The FBM KLCI is expected to remain sideways today and remain unexciting today despite the firmer close at global markets last Friday.

Sentiment at the local market would likely remain lacklustre given the lack of fresh corporate catalysts.

Shares in major markets gained last Friday and the euro weakened against the dollar as investors anticipated actions by U.S. and European central banks next month, according to Reuters.

The benchmark U.S. S&P 500 posted its best week in almost a year, while Europe's main stock index tallied its strongest week in a month. U.S. Treasuries prices fell, with rising U.S. stock prices reducing the appeal of lower-yielding government debt, it said.

AffinHwang IB vice president and head of retail research Datuk Dr Nazri Khan said that going forward, he expects the local market to trend sideways within its 1660 - 1680 trading band following the anticipation of Federal Reserve hikes in the upcoming 15th-16th December meeting but added that sentiment should be well supported by the impending stimulus of Europe, year-end small cap play and the second landmark trip of USA President Obama to formalise Malaysia-USA economic collaboration.

“We see an unexciting sideways consolidation on the FBM KLCI technical picture with dry volume, as the benchmark index continues to hover above its 1,660-1650 psychological support level,” he said.

Based on corporate announcements and news flow last Friday, the companies that may be in focus today could include the following: Evergreen Fibreboard Bhd, KPJ Healthcare Bhd, Borneo Aqua Harvest Bhd, Allianz Malaysia Bhd, China Automobile Parts Holdings Bhd, AMMB Holdings Bhd, Bintai Kinden Corporation Bhd, Prestariang Bhd, Ikhmas Jaya Group Bhd and Ewein Bhd.

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