KUALA LUMPUR (July 25): The FBM KLCI ticked up marginally this morning against the backdrop of more subdued regional markets.

At 9.07am, the FBM KLCI rose 2.38 points to 1,764.37.

The top gainers included Hong Leong Bank Bhd, Cahya Mata Sarawak Bhd, Hengyuan Refining Company Bhd, Padini Holdings Bhd, Petronas Chemicals Group Bhd, Sunway Bhd, Kerjaya Prospek Group Bhd, Econpile Holdings Bhd, Sime Darby Bhd and Sarawak Oil Palms Bhd.

The dollar crept up from a 13-month low on Tuesday after stronger-than-expected readings on U.S. factory and services activity ahead of the start of a Federal Reserve meeting later in the day, but Asian stocks were subdued, according to Reuters.

The dollar and U.S. Treasury yields rose on expectations the Fed will say it will begin reducing its bond portfolio at its September meeting, it said.

JF Apex Securities Research in a market preview today said US markets ended mixed overnight with the Nasdaq hitting a record high lifted tech counters amid corporate earnings announcements.

It said that similarly, European stocks closed mixed after being weighed by automotive counters after reports of EU investigating an alleged collusion between German carmakers.

“On the local market, the FBM KLCI gained 2.83 points to 1761.99 points.

“Following the recent gains, the FBM KLCI could climb further towards resistance of 1770 points to break its sideways channel,” it said.