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Market Preview KLCI to rise on final trading day of 1H2016, stay above 1,640 level
by Cals Fri 01 Jul 2016, 01:17
- Market Preview
[size=28]KLCI to rise on final trading day of 1H2016, stay above 1,640 level
By Surin Murugiah / theedgemarkets.com | June 30, 2016 : 5:58 AM MYTKUALA LUMPUR (June 30): The FBM KLCI is set to rise on the final trading day of the first half of 2016 today, in line with the overnight rebound at global markets as Brexit fears abated.
The bargain hunting at the local market could see the FBM KLCI defend its level above 1,640 points today.
Stock markets around the world rebounded for the second straight day on Wednesday as fears about last week's Brexit vote eased and investors wagered central banks would ultimately ride to the rescue with more stimulus.
Fading concerns over Britain's vote to exit the European Union bolstered oil prices and helped boost energy shares both in Europe and in the United States.
Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com yesterday that the local stock market rose following gains in the US and European markets after investors digested Brexit's immediate impact.
"The impact of Brexit may not be so serious. The selling earlier might be overdone. There might be a slowdown in the economy but recession is unlikely in Asia," Wong said.
Based on corporate announcements and news flow yesterday, companies that may be in focus today could include: Maxis Bhd, YTL Hospitality REIT, Hai-O Enterprise Bhd, Berjaya Corp Bhd, IJM Corp, Hiap Teck Venture Bhd, George Kent (M) Bhd and Gamuda Bhd.
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