Malaysian stocks seen opening higher, KLCI to stay above 1,770-level

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KUALA LUMPUR (Aug 23): Stocks on Bursa Malaysia are seen opening higher this morning in line with the overnight gains at most global markets, and stay above the 1,770-point level.

Global equity markets rallied on Tuesday, lifted by mining companies in Europe and surging technology shares on Wall Street, while crude oil rebounded on indications that supply is gradually tightening, especially in the United States, according to Reuters.

U.S. stocks surged, with information technology shares rising 1.45 percent, while European shares snapped a three-day losing streak in a broad advance, it said.

The Dow Jones Industrial Average closed up 196.14 points, or 0.9 percent, to 21,899.89. The S&P 500 gained 24.14 points, or 0.99 percent, to 2,452.51, and the Nasdaq Composite climbed 84.35 points, or 1.36 percent, to 6,297.48, said Reuters.

Based on corporate announcements and news flow yesterday, companies in focus today may include: Hock Seng Lee Bhd, Kerjaya Prospek Group Bhd, Boon Koon Group Bhd, Hartalega Holdings Bhd, Innoprise Plantations Bhd, RCE Capital Bhd, Far East Holdings Bhd, Hektar REIT, IGB Corp Bhd, UMW-OG Corp Bhd, Boustead Plantations Bhd, Inari Amertron Bhd, Perisai Petroleum Teknologi Bhd and Dagang NeXchange Bhd.