KLCI seen drifting sideways, support at 1,685

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KUALA LUMPUR (Feb 13): The FBM KLCI is expected to drift sideways today with immediate support at the 1,685-point level, in line with the firmer overnight close at most global markets.

Signs that the United States and China might reach an agreement in trade talks and news of a tentative deal to avoid another government shutdown in Washington helped push world stock markets and bond yields broadly higher Tuesday, according to Reuters.

Tokyo's Nikkei set the tone with a 2.6 percent rally, its best day of the year, while the Stoxx 600 index of European shares gained nearly 0.5 percent, it said.

On Wall Street, the Dow Jones Industrial Average rose 372.65 points, or 1.49 percent, to 25,425.76, the S&P 500 gained 34.93 points, or 1.29 percent, to 2,744.73 and the Nasdaq Composite added 106.71 points, or 1.46 percent, to 7,414.62, said Reuters.

Based on corporate announcements and news flow yesterday, companies that could be in focus today may include the following: Serba Dinamik Holdings Bhd, Kerjaya Prospek Group Bhd, HCK Capital Group Bhd, Econpile Holdings Bhd, Velesto Energy Bhd, FGV Holdings Bhd, Metronic Global Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Frontken Corporation Bhd and Atrium Real Estate Investment Trust (REIT).