Friday 19 Apr 2024
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KUALA LUMPUR (Nov 27): The FBM KLCI is expected to tread water today, despite the overnight rally at the global markets, as foreign selling of Malaysian equities is seen extending until end November.

Eventhough the local benchmark index rose on Monday, sellers outnumbered buyers, indicating

Foreign selling of Malaysian equities narrowed to RM52.3 million last week from RM417.3 million the prior week, according to MIDF Amanah Investment Bank Bhd Research.

In his weekly fund flow report yesterday, MIDF Research's Adam M Rahim said Monday saw a decent amount of foreign net inflow worth RM34 million, coinciding with the FBM KLCI's largest daily gain during the week of 0.25%.

However, he said November is poised to be another month of outflows with the month-to-date outflow as of last Friday amounting to RM474.1 million net.

U.S. stocks rose on Monday, fueled by gains in retailer shares during a prime holiday shopping period, while European stocks rallied after signs that Italy was preparing to rework spending plans that have fueled tensions with the European Union, according to Reuters.

Oil bounced back after its own "black" Friday, adding to risk-on sentiment, and the pound rose after Britain's Brexit agreement won approval from European leaders, it said.

The Dow Jones Industrial Average rose 312.63 points, or 1.29 percent, to 24,598.58, the S&P 500 gained 38.74 points, or 1.47 percent, to 2,671.3 and the Nasdaq Composite added 129.71 points, or 1.87 percent, to 7,068.69, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Panasonic Manufacturing Malaysia Bhd, Pecca Group Bhd, Telekom Malaysia Bhd, Tropicana Malaysia Bhd, QL Resources Bhd, Taliworks Corp Bhd, MyEG Services Bhd, Coastal Contracts Bhd, WCT Holdings Bhd, IJM Corp Bhd, and Petra Energy Bhd.

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