KUALA LUMPUR (May 17): The FBM KLCI is expected to extend its gains today in line with the overnight gains at most global markets, as well as on the back of positive newsflow in the local sphere.

Apart from the naming of the Council of Elders in Malaysia as well as the swift scrapping of the 6% consumption tax by the government to meet its  election pledge.

The U.S. dollar rallied further to a five-month high on Wednesday, supported by relatively robust U.S. economic data in recent days, while Italy's borrowing costs jumped and its stocks slid on concerns linked to economic plans from the country's potential coalition government, according to Reuters.

Wall Street's main stock indexes gained, with the Russell 2000 small-cap benchmark marking a record high, it said.

The Dow Jones Industrial Average rose 62.52 points, or 0.25 percent, to 24,768.93, the S&P 500 gained 11.01 points, or 0.41 percent, to 2,722.46 and the Nasdaq Composite added 46.67 points, or 0.63 percent, to 7,398.30, said Reuters.

It said other major European stock markets were higher, and the pan-European FTSEurofirst 300 index rose 0.19 percent, supported by the weaker euro.

Based on corporate announcements and news flow yesterday, companies that may be in focus today may include the following: Star Media Group Bhd, IOI Corp Bhd, Pharmaniaga Bhd, Meda Inc Bhd, Wah Seong Corp Bhd, Dialog Group Bhd, APM Automotive Holdings Bhd and MMC Corp Bhd.