KLCI seen starting off August on a positive note, support at 1,770-level

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KUALA LUMPUR (Aug 1): The FBM KLCI is seen starting off August on a positive note today, in line with the overnight gains at most global markets, with support at the 1,770-point level.

The local index had racked up some 92.75 points month-on-month in July, despite the volatity at global markets.  

Global stock markets inched up on Tuesday helped partly by a report that the United States and China were seeking to resume talks to defuse the battle over import tariffs, while the U.S. dollar rose against the yen after the Bank of Japan said it intends to keep interest rates low.

Representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have been speaking privately as they seek to restart negotiations and avoid a full-scale trade war, Bloomberg reported, citing sources.

By the close, the Dow Jones Industrial Average rose 108.36 points, or 0.43 percent, to 25,415.19, the S&P 500 gained 13.69 points, or 0.49 percent, to 2,816.29 and the Nasdaq Composite added 41.79 points, or 0.55 percent, to 7,671.79.

Based on corporate announcements and news flow yesterday, companies in focus today may include: Scomi Group Bhd, YTL Hospitality Real Estate Investment Trust (REIT), Serba Dinamik Holdings Bhd, Perusahaan Sadur Timah Malaysia Bhd, Globetronics Technology Bhd, Opcom Holdings Bhd, Halex Holdings Bhd and Datasonic Group Bhd.