KLCI poised to extend gains cautiously as trade war fears wane

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KUALA LUMPUR (July 11): The FBM KLCI looks poised to extend its gains cautiously today in line with the overnight advance at most global markets, as trade war worries ebbed somewhat.

The S&P 500 stock index closed at a more than five-month high on Tuesday, boosted by expectations for strong earnings, while the U.S. dollar rose against the safe-haven Japanese yen as waning trade war fears drove a bid for riskier assets, according to Reuters.

World equities markets remained near three-week highs, supported by the optimism on U.S. company earnings and expectations that global economic growth can withstand trade tensions, it said.

The Dow Jones Industrial Average rose 143.07 points, or 0.58 percent, to 24,919.66, the S&P 500 gained 9.67 points, or 0.35 percent, to 2,793.84, and the Nasdaq Composite added 3.00 points, or 0.04 percent, to 7,759.20. The S&P's close was its highest since Feb. 1, said Reuters.

Based on corporate announcements and news flow yesterday, stocks that will draw some attention today may include: Pestech International Bhd, Multi Sports Holdings Ltd, Malaysia Airports Holdings Bhd, Kian Joo Factory Bhd, Box-Pak (M) Bhd and Top Glove Corp Bhd.