KUALA LUMPUR (July 18): The FBM KLCI is seen trading range bound today and gyrate between the 1,750 and 1,760 levels.

Copper prices surged to their highest levels in more than four months after robust data supporting China's economic growth, while a gauge of global stocks marked a record high for a third straight session, according to Reuters.

China's economy expanded at a faster-than-expected 6.9 percent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target, it said.

The Dow Jones Industrial Average fell 8.02 points, or 0.04 percent, to 21,629.72, the S&P 500 lost 0.13 points, or 0.01 percent, to 2,459.14 and the Nasdaq Composite added 1.97 points, or 0.03 percent, to 6,314.43, said Reuters.

AllianceDBS Research in its evening edition Monday said that supported by last Friday’s up close, the FBM KLCI had on July 17 opened the day on a positive note.

It said the benchmark index subsequently traded to a high of 1,759.52.

The research house said that under the persistent supportive buying interest, the benchmark index was in the green throughout most of the trading sessions before settling at 1,755.19 (up 0.19 points or 0.01%).

“In the broader market, losers outnumbered gainers with 441 stocks ending lower and 417 stocks finishing higher. That gave a market breadth of 0.94 indicating the bears were in better control,” it said.

AllianceDBS Research said the market made a higher high on July 17.

“A closer study of the market trading patterns from July 10 to July 17 revealed that certain market participants were seen working hard to protect the market sentiment from deteriorating.

“Out of the 6 days, there were actually 5 market recoveries at or above the 1,755 level with only 1 down close at 1,753.78 on July 13 in spite of the intraday downside violation of 1,755.

“This indicated the presence of supportive buying interest in the area of 1,755,” it said.

The research house said market participants should thus pay attention to this market internals.

It said following the weak up close on July 17, there should be a range bound trading between 1,750 and 1,760 in the coming few days.

“The analysis of overall market action on July 17 revealed that buying power was weaker than selling pressure.

“As such, the FBM KLCI would likely trade below the 1,752.78 level on July 18,” said AllianceDBS Research.

Based on corporate announcements and news flow yesterday, companies that will be in focus today may include: IJM Corp Bhd, Sunway Bhd, Ikhmas Jaya Group Bhd, Felda Global Ventures Holdings Bhd, Ibraco Bhd, Green Packet Bhd, Pentamaster Corp Bhd, ML Global Bhd, Stone Master Corp Bhd, I-Bhd, Yong Tai Bhd, PRG Holdings Bhd and Pasdec Holdings Bhd.