KUALA LUMPUR (Nov 2): The FBM KLCI trended higher in early trade this morning in line with regional gains.

At 9.05am, the FBM KLCI rose 2.49 points to 1,746.42.

The gainers included Nestle (M) Bhd, Kim Loong Resources Bhd, Lafarge Malaysia Bhd, Petronas Gas Bhd, PM Technology Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Genting Plantations Bhd, Press Metal Aluminium Holdings Bhd and Petronas Chemicals Group Bhd.

Asian shares advanced on Thursday after the U.S. Federal Reserve expressed optimism about the economy, virtually cementing the case for a year-end rate hike as investors awaited the formal nomination of the next head of the central bank, according to Reuters.

The White House plans to nominate current Fed Governor Jerome Powell as the next chair when Janet Yellen's term expires in February, a source familiar with the matter said on Wednesday. Powell's nomination is expected later on Thursday and would need to be confirmed by the Senate, it said.

JF Apex Securities Research in a market preview today said US markets advanced to record highs overnight after Federal Reserve kept interest rates unchanged.

It said European stocks also climbed as investor sentiment was buoyed by a slew of corporate earnings.

“On the local market, lost 3.99 points to 1743.93 points to extend its selldown.

“Following the bearish momentum, the FBM KLCI could remain pressured and trend lower towards the support of 1740 points,” it said.