KUALA LUMPUR (July 25): The FBM KLCI started off flat this morning on some profit taking and is expected to hover sideways above the 1,750 level.

At 9.05am, the FBM KLCI dipped 0.99 points to 1,761.94.

The early decliners included Kuala Lumpur Kpeong Bhd, Cycle & Carriage Bintang Bhd, Sime Darby Plantations Bhd, Lafarge Malaysia Bhd, Padini Holdings Bhd and Eastern & Oriental Bhd.

Asian stocks rode higher on Wednesday thanks to strong U.S. corporate earnings and hopes China will boost fiscal support for its economy, while long-term U.S. yields hovered near six-week highs on speculation the Bank of Japan could be less accommodative, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.17 percent, it said.

JF Apex Securities Research in a market preview said US markets closed higher Tuesday after strong financial results from Google-parent Alphabet led a wave of upbeat corporate earnings, lifted The Dow Jones.

It said that meanwhile, European stocks increased following autos stocks climbed 2.59%.

“On the local market, the FBM KLCI gained 4.97 points to 1762.93 points on better market sentiment underpinned by higher retail participation.

“We expect FBM KLCI hover sideways above the support of 1750 points,” it said.