KUALA LUMPUR (Oct 30): The FBM KLCI opened higher today before paring gains as Asian shares fell after US stocks' Tuesday overnight drop. Analysts said the US interest rate decision is this week's highlight as investors evaluate the progress of US-China trade talks.

At Bursa Malaysia today, the KLCI opened up 4.68 points at 1,582.47 at 9am.
At 9:02am, the KLCI rose 4.62 points to 1,582.41 as KLCI components including Petronas Dagangan Bhd, Petronas Gas Bhd and Petronas Chemicals Group Bhd were traded among Bursa Malaysia top gainers.

AxiTrader's Asia Pacific market strategist Stephen Innes wrote in a note today the highlight of the week is the US interest rate decision on Wednesday. 

"Another 25-basis point cut seems in little doubt," Innes said.

Overnight in US stock markets, Reuters reported that the Dow Jones Industrial Average closed down 20.04 points or 0.07% at 27,070.68, the S&P 500 lost 2.54 points or 0.08% to 3,036.88 and the Nasdaq Composite dropped 49.14 points or 0.59% to 8,276.85.

It was reported that the S&P 500 edged lower to snap a four-session win streak on Tuesday and it retreated from a record high as investors grappled with a flood of earnings and the latest update on a potential trade deal between the US and China.

"Hopes of a US-China trade deal and expectations of another interest rate cut by the Federal Reserve when it concludes its two-day meeting on Wednesday have pushed stocks higher the past several sessions, sending the S&P to its second straight record intraday high.

"But indexes pulled back after a US administration official told Reuters that Washington and Beijing are continuing to work on an interim trade agreement, but it may not be completed in time for the leaders of the two countries to sign in Chile next month," Reuters reported.