KLCI to extend consolidation, hurdle at 1,720

KLCI to extend consolidation, hurdle at 1,720
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KUALA LUMPUR (Feb 27): The FBM KLCI is expected to extend its consolidation phase today, in line with the overnight pause at most global markets, with immediate hurdle at the 1,720-point level.

Britain's pound vaulted to a 21-month high against the euro on Tuesday on hopes that the worst of all Brexits will be avoided, while world shares took a breather after scaling five-month peaks, according to Reuters.

A rally on progress towards a U.S.-China trade deal had run into profit-taking overnight and it was a bumpy session for Europe as the pound's leap past 86 pence and above $1.32 shoved London's FTSE down around 1 percent, it said.

The Dow Jones Industrial Average fell 33.97 points, or 0.13 percent, to 26,057.98, the S&P 500 lost 2.21 points, or 0.08 percent, to 2,793.9 and the Nasdaq Composite dropped 5.16 points, or 0.07 percent, to 7,549.30, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Genting Plantations Bhd, IOI Properties Group Bhd, Petronas Dagangan Bhd, Damansara Realty Bhd, Ann Joo Resources Bhd, Parkson Holdings Bhd, Tropicana Corp Bhd, Star Media Group Bhd, SKP Resources Bhd, Amway (Malaysia) Holdings Bhd, 7-Eleven Malaysia Holdings Bhd, Malaysian Resources Corp Bhd, Malayan Banking Bhd and Telekom Malaysia Bhd.