KUALA LUMPUR (Jan 5): The FBM KLCI is anticipated to scale higher today and stay above the 1,800-point level, taking cue from the record overnight close at most global markets as well as riding on the euphoria of global growth expectations.

Global shares shattered records and European stocks closed higher on Thursday, bolstered by upbeat data from the world's largest economies, while the euro hovered near a three-year high and the U.S. dollar fell against major currencies, according to Reuters.

MSCI's gauge of stocks across the globe broke a new record, last gaining 0.83 percent, it said.

The S&P 500 gained 13.82 points, or 0.51 percent, to 2,726.88 and the Nasdaq Composite added 14.07 points, or 0.2 percent, to 7,079.60, with both indexes hitting fresh highs, said Reuters.

AllianceDBS Research in its evening edition Thursday said that led by the up close in the preceding day, the FBM KLCI had on Jan 4 crossed into the 1,800 zone to settle at the day’s high of 1,803.45 (up 10.66 points or 0.59%) as market participants continued to play on the buying side in anticipation of a higher market.

“In the broader market, gainers outnumbered losers with 716 stocks ending higher and 353 stocks finishing lower. That gave a market breadth of 2.02 indicating the bulls were in better control,” it said.

AllianceDBS Research said the market pushed its way up again on Jan 4 with the benchmark index crossing into the 1,800 zone to reach a day high of 1,803.45.

“Market participants apparently were still willing to play a buying game given a choice to trade the market and the improving market sentiment.

“The 1,800 level may be viewed as a psychological resistance in the eyes of many market participants, but the ability on the part of the benchmark index to keep its position firm in the area of 1,800 throughout most of the trading sessions showed the presence of buying strength.

“This should thus pave the way for the market to test higher ground,” it said.

The research house said following the up close on Jan 4, there should be buying attempt again with immediate hurdle at 1,823.

It said a crossover of 1,823 should see the market gearing towards 1,830. 

“The analysis of overall market action on Jan 4 revealed that buying power was stronger than selling pressure.

“As such, the FBM KLCI would likely trade above the 1,803.45 level on Jan 5,” said AllianceDBS Research.

Based on corporate announcements and news flow yesterday, companies in focus today may include Brahim's Holdings Bhd, 7-Eleven Malaysia Holdings Bhd, Fima Corp Bhd, Comintel Corp Bhd, Vivocom Intl Holdings Bhd, Pacific & Orient Bhd, AmProp Holdings Bhd and Caely Holdings Bhd.