KLCI expected to start year year on positive note, test 1,800-level
KUALA LUMPUR (Jan 2): The FBM KLCI is expected to test the 1,800-point level on the first trading day of 2018, riding on the positive momentum from the end of last year when it finished with a 0.9% year-on-year gain.
The FBM KLCI ended the final business day of 2017 at a 52-week high and will likely keep up its push further when trading resumes in the new year after the extended weekend.
On Bursa Malaysia, oil and gas-related stocks could also be in focus as Brent Crude prices ended 2017 above the US$60 per barrel level.
U.S. oil prices closed above US$60 a barrel on the final trading day of the year, the first time since mid-2015, as the commodity ended 2017 with a 12 percent gain spurred by strong demand and declining global inventories.
Markets bid 2017 goodbye on a modestly defensive note on Friday, but the year will be best remembered for leaving global investors wealthier, according to Reuters.
A pick-up in global growth boosted corporate profits and commodities during the year, while tame inflation kept central banks from snatching away the punch bowl of easy monetary policy, it said.
The Dow Jones Industrial Average fell 118.29 points, or 0.48 percent, to 24,719.22, the S&P 500 lost 13.93 points, or 0.52 percent, to 2,673.61, and the Nasdaq Composite dropped 46.77 points, or 0.67 percent, to 6,903.39, said Reuters.
Based on corporate announcements and news flow last Friday, stocks in focus today may include: Advancecon Holdings Bhd, AirAsia Bhd, Eden Inc Bhd, MMC Corp Bhd and My E.G. Services Bhd.
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