KUALA LUMPUR (May 22): The FBM KLCI is expected to edge higher today in line with the overnight rally at most global markets as U.S. and China agreed to put their trade war “on hold”.
Global stock markets rallied broadly on Monday after the United States and China agreed to halt a trade war, while oil hit multi-year highs on political uncertainty and potential sanctions on Venezuela, according to Reuters.
The U.S. trade battle with China was put "on hold" after the world's two largest economies agreed to drop their tariff threats in favor of hashing out a broader deal, U.S. Treasury Secretary Steven Mnuchin said on Sunday, it said.
The Dow Jones Industrial Average rose 298.2 points, or 1.21 percent, to 25,013.29, the S&P 500 gained 20.04 points, or 0.74 percent, to 2,733.01, and the Nasdaq Composite added 39.70 points, or 0.54 percent, to 7,394.04, said Reuters.
Based on corporate announcements and news flow yesterday, stocks in focus today may include the following: Petronas Chemicals Group Bhd, Malaysian Resources Corp Bhd, Magnum Bhd, Media Prima Bhd, Kenanga Investment Bank Bhd, Star Media Group Bhd, Sunway Bhd, British American Tobacco (Malaysia) Bhd, Berjaya Assets Bhd and Hengyuan Refining Co Bhd.