KLCI seen extending gains, hurdle at 1,700

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KUALA LUMPUR (March 19): The FBM KLCI is seen extending its gains today, in line with the firmer overnight close at most global markets, but may struggle to breach the 1,700-level.

Global shares hit their highest levels in five months and the dollar dipped on Monday, as traders began to price in the likelihood of the U.S. Federal Reserve sticking to an accommodative stance at its policy meeting this week, according to Reuters.

European markets extended a run of gains, helped by a jump in shares in German lenders Deutsche Bank and Commerzbank after they confirmed over the weekend that they were in talks to merge, it said.

The Dow Jones Industrial Average rose 65.23 points, or 0.25 percent, to 25,914.1, the S&P 500 gained 10.46 points, or 0.37 percent, to 2,832.94 and the Nasdaq Composite added 25.95 points, or 0.34 percent, to 7,714.48, said Reuters.

Based on corporate newsflow and announcements yesterday, stocks in focus today may include: Telekom Malaysia Bhd, Magni-Tech Industries Bhd, AMMB Holdings Bhd, YTL Corp Bhd, Barakah Offshore Petroleum Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Kian Joo Can Factory Bhd, Can-One Bhd, Scientex Bhd, Daibochi Bhd, Tasek Corp Bhd, Berjaya Sports Toto Bhd, Metronic Global Bhd and Lotte Chemical Titan Holdings Bhd.