KLCI to track global markets’ fall, support at 1,690

KLCI to track global markets’ fall, support at 1,690
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KUALA LUMPUR (Jan 29): The FBM KLCI is expected to remain lacklustre today in line with the overnight fall at most global markets, with support at 1,690.

Global stock markets tumbled on Monday after Caterpillar and Nvidia Corp warned of weak Chinese demand while oil posted its biggest one-day drop in a month on expectations of growing U.S. crude supply, according to Reuters.

Equities also were slammed by plunging shares of Brazilian miner Vale SA, which lost some $19.3 billion of its market value following the collapse of a tailing dam last week that killed at least 60 people, it said.

The Dow Jones Industrial Average fell 208.98 points, or 0.84 percent, to 24,528.22. The S&P 500 lost 20.91 points, or 0.78 percent, to 2,643.85 and the Nasdaq Composite dropped 79.18 points, or 1.11 percent, to 7,085.69, said Reuters.

Based on corporate announcements and news flow yesterday, companies in focus on Tuesday (Jan 29) may include: Malaysian Resources Corp Bhd, FGV Holdings Bhd, Sapura Energy Bhd, AirAsia Group Bhd, S P Setia Bhd, Tex Cycle (M) Bhd and Eduspec Holdings Bhd.