Trading seen muted ahead of extended weekend

Trading seen muted ahead of extended weekend
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KUALA LUMPUR (Jan 31): Trading on Bursa Malaysia is seen muted ahead of the extended weekend as well as the Lunar New Year holidays next week as most retail investors and traders are likely to be out of town.

The local stock exchange will be closed on Feb 1 for the Federal Territory Day holiday and shut on Feb 5 and 6 for the Chinese New Year break.

The dollar slid and equities surged on Wednesday, fueled at first by Boeing and Apple's results and later by the Federal Reserve pledging to be patient with future interest rate hikes, a change in tone stock investors interpreted as a buy signal, according to Reuters.

The Fed held interest rates steady at the end of a two-day meeting in which it struck language in a December policy statement that projected "some further" rate hikes would be appropriate in 2019, it said.

The Dow Jones Industrial Average rose 524.73 points, or 2.13 percent, to 25,104.69. The S&P 500 gained 50.13 points, or 1.90 percent, to 2,690.13, and the Nasdaq Composite added 172.63 points, or 2.46 percent, to 7,200.92, said Reuters.

Based on corporate announcements and news flow yesterday, companies in focus today may include: APFT Bhd, Amanah Harta PNB, Bursa Malaysia Bhd, Chin Hin Group Bhd, Ark Resources Holdings Bhd, Berjaya Corp Bhd, Genting Bhd, Merge Energy Bhd, Uzma Bhd and Alam Maritim Resources Bhd.