Trading seen subdued on lack of catalysts, support at 1,670

-A +A

KUALA LUMPUR (Feb 7): The FBM KLCI is seen subdued today, with support at the 1,670-level, on lack of fresh catalysts as trading resumes at the local stock exchange after the Chinese New Year holidays.

With a dearth of corporate developments, as well as little guidance from the overnight close at most global markets and worries of a further shutdown of the US government, investors will likely await for further newsflow for a clearer direction.

The Australian dollar tumbled on Wednesday after the country's central bank signaled a possible interest-rate cut in the latest indication that a global economic slowdown is tilting policymakers toward looser monetary policy, while a gauge of world equity markets edged off two-month highs.

Wall Street's benchmark S&P 500 slipped amid concerns over growth, disappointing earnings reports and another possible U.S. government shutdown in the wake of President Donald Trump's State of the Union address on Tuesday. European shares gained slightly.

On Wall Street, the Dow Jones Industrial Average fell 21.22 points, or 0.08 percent, to 25,390.3, the S&P 500 lost 6.09 points, or 0.22 percent, to 2,731.61, and the Nasdaq Composite dropped 26.80 points, or 0.36 percent, to 7,375.28.

Based on corporate announcements and news flow on Feb 4, companies in focus today may include: Gunung Capital Bhd, AirAsia Group Bhd, Malaysia Airports Holdings Bhd (MAHB), CIMB Group Holdings Bhd, Inix Technologies Holdings Bhd and Cahya Mata Sarawak Bhd.