KLCI seen trading range bound, hurdle at 1,685

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KUALA LUMPUR (Jan 10): The FBM KLCI is seen trading range bound today, as the local index could attempt to edge higher in line with the overnight gains at most global markets, with the hurdle set at 1,685 points.

Stocks around the world extended recent gains and oil prices jumped on Wednesday on optimism the United States and China may be inching toward a trade deal, soothing fears of an all-out trade war and its possible impact on global growth, according to Reuters.

Heightened risk appetite boosted U.S. Treasury yields to the highest this year, while the U.S. dollar extended losses after minutes from a Dec. 18-19 Federal Reserve policy meeting showed many Fed policymakers said the central bank could be patient on future rate hikes, it said.

The Dow Jones Industrial Average rose 91.67 points, or 0.39 percent, to close at 23,879.12, the S&P 500 gained 10.55 points, or 0.41 percent, to end at 2,584.96 and the Nasdaq Composite added 60.08 points, or 0.87 percent, to finish at 6,957.08, said Reuters.

Based on corporate announcements and news flow yesterday, companies that could be in focus today may include the following: Ancom Bhd, Nylex Bhd, WCT Holdings Bhd, AirAsia Group Bhd, Sapura Energy Bhd, ConnectCounty Holdings Bhd and Asia Media Group Bhd.