KUALA LUMPUR (Sept 24): The FBM KLCI is expected to consolidate today with immediate support at 1,800 points.

The U.S. dollar rebounded and world shares hit a six-month high on Friday after China's moves to boost domestic consumption bolstered a rally driven by investor bets the latest U.S.-China trade fracas was unlikely to dent global growth, according to Reuters.

The U.S. benchmark S&P 500 stock index and the Dow industrials scaled record peaks for a second session, though the Nasdaq turned lower soon after the market opened, it said.

The Dow Jones Industrial Average rose 84.7 points, or 0.32 percent, to 26,741.68 and the S&P 500 gained 3.04 points, or 0.10 percent, to 2,933.79. The Nasdaq Composite dropped 19.72 points, or 0.25 percent, to 8,008.51, said Reuters.

AllianceDBS Research in its evening edition last Friday said despite the weak up close in the preceding day, the FBM KLCI had on Sept 21 traded higher to 1,813.53 as market participants chose to play a buying game in anticipation of a higher market.

It said under the persistent buying interest, the benchmark index kept its position in the green throughout the trading sessions before settling near the day’s low at 1,810.64 (up 6.94 points or 0.38%).

“In the broader market, gainers outnumbered losers with 477 stocks ending higher and 389 stocks finishing lower. That gave a market breadth of 1.22 indicating the bulls were in better control,” it said.

AllianceDBS Research said the market made a higher high again on Sept 21 with the benchmark reaching a day’s high of 1,813.53.

“It was indeed a surprise not seeing a lower low given the weak up close on Sept 20.

“A look at the gap of 7.98 points between the opening level on Sept 21 and the previous day’s settlement level showed that there were market participants who were willing to play on the buying side.

“However, market participants were not prepared to be more aggressive in their buying game, which can be seen from the market range of 3.43 points on Sept 21,” it said.

The research house said this somehow implied that market participants were still not convinced to go all out for long positions.

It said following the weak up close on Sept 21, there should see selling attempt with immediate support at 1,800.

“The analysis of overall market action on Sept 21 revealed that buying power was weaker than selling pressure.

“As such, the FBM KLCI would likely trade below the 1,809.44 level on Sept 24,” said AllianceDBS Research.

Based on corporate announcements and news flow last Friday, stocks in focus for Monday may include the following: Malaysia Airports Holdings Bhd, United Plantations Bhd, Utusan Melayu (Malaysia) Bhd, Telekom Malaysia Bhd, Binasat Communications Bhd, KESM Industries Bhd, NTPM Holdings Bhd, Country Heights Holdings Bhd and MNRB Holdings Bhd.