KLCI to extend gains, move above 1,850-level as trade war fears ease

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KUALA LUMPUR (March 7): The FBM KLCI is expected to extend its gains today in line with higher overnight close at Wall Street as worries of a trade war as well as geopolitocal tensions eased.

The FBM KLCI is likely to move again above the 1,850-point level.

The U.S. dollar dropped to a two-week low on Tuesday as traders bet on riskier currencies on news North and South Korea would hold their first summit in more than a decade and after the South said the North was willing to discuss denuclearization with the United States, according to Reuters.

North and South Korea, still technically at war since 1953 but with tensions having eased since the Winter Olympics hosted by the South last month, will hold their first summit in more than a decade next month, South Korea said on Tuesday. It added that the North would suspend nuclear tests while proposed talks with the United States on denuclearization were underway, it said.

The Dow Jones Industrial Average rose 29.2 points, or 0.12 percent, to 24,903.96, the S&P 500 gained 7.86 points, or 0.29 percent, to 2,728.8 and the Nasdaq Composite added 39.92 points, or 0.54 percent, to 7,370.62, said Reuters.

Based on corporate announcements and news flow yesterday, companies in focus today may include: Berjaya Corp Bhd, JAKS Resources Bhd, Star Media Group Bhd, Eita Resources Bhd, TA Global Bhd, MMC Corp Bhd, MISC Bhd and Aeon Credit Service Bhd.