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Market Preview KLCI to stage technical rebound as global markets rise
by Cals Fri 29 Apr 2016, 05:07
- Market Preview
[size=28]KLCI to stage technical rebound as global markets rise
By Surin Murugiah / theedgemarkets.com | April 28, 2016 : 6:12 AM MYTKUALA LUMPUR (April 28): Stocks on Bursa Malaysia are expected to be on the uptick today and stage a technical rebound, in line with the overnight gains at most global markets.
Yesterday, the market traded within a range of 12.43 points between an intra-day high of 1694.91 and a low of 1682.48 during the session.
The FBM KLCI could climb toward the crucial 1,700 point level today should the buying momentum sustain.
Wall Street stocks edged up, U.S Treasury debt yields fell, and oil prices rose to the highest level of the year on Wednesday after the Federal Reserve signalled it was in no hurry to change policy, according to Reuters.
The Fed's policy interest rate target was left unchanged at 0.25 percent to 0.5 percent as expected, and the U.S. central bank expressed confidence in the U.S. economic outlook, leaving the door open to an interest rate rise in June, but gave no indication it felt the need to hike, it said.
Based on corporate announcements and news flow yesterday, stocks in focus today could include: Encorp Bhd, Kimlun Corp Bhd, Datasonic Group Bhd, Sunway Real Estate Investment Trust, Malaysia Airports Holdings Bhd, Tenaga Nasional Bhd, Sarawak Oil Palms Bhd, Seacera Group Bhd, Tan Chong Motor Holdings Bhd and APM Automotive Holdings Bhd.
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