KUALA LUMPUR (Aug 22): The FBM KLCI nudged higher this morning in line with the slight gains at regional markets, but was seen trading range bound.

At 9.05am, the FBM KLCI added 2.23 points to 1,596.82.

The early gainers included G3 Global Bhd, Amway Holdings (M) Bhd, IHH Healthcare Bhd, UOA Development Bhd, JAKS Resources Bhd, MBM Resources Bhd, UWC Bhd and Paramount Corp Bhd.

Stocks in Asia were set for modest gains Thursday after minutes from the Federal Reserve’s latest meeting did little to alter expectations for more rate cuts. U.S. equities advanced and Treasuries slipped, according to Bloomberg.

Futures pointed higher in Japan and Australia, and were little changed in Hong Kong. Trading activity has been reduced this week ahead of Fed Chair Jerome Powell’s address on Friday and volume was again subdued in Treasury futures. The benchmark 10-year yield continued to fluctuate and ended the session higher, as did the dollar. Oil retreated, it said.

CGS-CIMB Retail Research said Asia markets were largely down on Wednesday after Wall Street pulled back overnight on recession fears.

It said taking cue from the lacklustre performance across the regional markets, KLCI lost 8.16 points yesterday.

“KLCI has been hovering around the 1,600 psychological level over the past 6 trading days as cautious sentiments still prevails amid the uncertain 2Q corporate earnings.

“Hence, range-bound trading is expected to continue today. Resistance: 1,620 & 1,640. Support: 1,589 & 1,572,” it said.