KUALA LUMPUR (Aug 24): Bargain hunting activities are expected to lift the local benchmark FBM KLCI index today, in line with the overnight gains at Wall Street and European markets, with support seen between the 1,676 and 1,680 zones.

Homebuilders helped lift both U.S. and European stock markets on Tuesday, while oil prices got a boost from Iran's positive signals about an output freeze, according to Reuters.

On Wall Street, technology companies led the Nasdaq to a record intraday high and robust housing market data strengthened the case for a firming economy, it said.

Sentiment at the local market during the August corporate earnings season has been somewhat tepid and that may offer investors a window of bargain hunting opportunity to buy beaten up stocks.

Based on corporate announcements and news flow yesterday, companies that may be in focus today could include: IOI Corp Bhd, AWC Bhd, AirAsia X Bhd, S P Setia Bhd, Carlsberg Brewery (M) Holdings Bhd, MISC Bhd, Kossan Rubber Industries Bhd, DKSH Holdings (M) Bhd and WCT Holdings Bhd.