KLCI seen hovering sideways, support at 1,680-level

KLCI seen hovering sideways, support at 1,680-level
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KUALA LUMPUR (Nov 29): The FBM KLCI is expected to hover sideways today with immediate support at the 1,680-point level.

Comments by U.S. Federal Reserve Chair Jerome Powell that interest rates were "just below" neutral propelled Wall Street higher on Wednesday, easing investor worries about the pace of interest rate hikes next year, according to Reuters.

Hopes that the United States and China could call a trade war ceasefire at the upcoming G20 summit also helped stocks, it said.

The Dow Jones Industrial Average rose 546.57 points, or 2.21 percent, to 25,295.3, the S&P 500 gained 45.25 points, or 1.69 percent, to 2,727.42 and the Nasdaq Composite added 148.44 points, or 2.1 percent, to 7,231.14, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: UEM Sunrise Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, FGV Holdings Bhd, Sapura Energy Bhd, Bermaz Auto Bhd, Aeon Co (M) Bhd, Affin Hwang Bank Bhd, Prestariang Bhd, Sarawak Oil Palms Bhd and Iris Corp Bhd.