KLCI seen extending gains, support at 1,720

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KUALA LUMPUR (Feb 21): The FBM KLCI is seen extending its gains today in line with the firmer overnight close at most global markets, with support seen at the 1,720-point level, as buying sentiment at the local bourse picked up substantially on Wednesday.

World stocks rose on Wednesday, hitting a four-month high on hopes for progress in trade talks between the United States and China, and a supportive backdrop from major central banks also helped push risk assets higher, according to Reuters.

Crude prices rose to 2019 highs helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela, it said.

The Dow Jones Industrial Average rose 69.54 points, or 0.27 percent, to 25,960.86, the S&P 500 gained 5.98 points, or 0.22 percent, to 2,785.74 and the Nasdaq Composite added 4.31 points, or 0.06 percent, to 7,491.08, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include: Matrix Concepts Holdings Bhd, Ahmad Zaki Resources Bhd, Ranhill Holdings Bhd, Public Bank Bhd, Heineken Malaysia Bhd, MSM Malaysia Holdings Bhd, IOI Corp Bhd, D&O Green Technologies Bhd, and Favelle Favco Bhd.