KUALA LUMPUR (Sept 12): The FBM KLCI edged up in early trade Thursday, tracking regional markets as President Donald Trump said he was postponing the imposition of 5% extra tariffs on Chinese goods by two weeks.

However, sentiment at the local bourse is expected to remain wary ahead of Bank Negara Malaysia’s overnight policy rate decision later in the day.

At 9.05am, the FBM KLCI added 2.52 points to 1,604.82.

The gainers included KLCC Property Holdings Bhd, Hong Leong Bank Bhd, MISC Bhd, Petronas Chemicals Group Bhd, Fraser & Neave Holdings Bhd, Aeon Credit Service (M) Bhd, Malayan Banking Bhd, Bursa Malaysia Bhd, Magni-Tech Industries Bhd and Hextar Global Bhd.

Asian stocks rose on Thursday on hopes for a thaw in U.S.-China trade frictions and expectations that the European Central Bank will kick off another wave of monetary easing by global central banks, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% and Japan's Nikkei stock index rose 1%. Australian shares were up 0.41%, it said.

CGS-CIMB Retail Research said the FBM KLCI gained 6.45 points yesterday.

The research house said the FBM KLCI is likely to see choppiness ahead of the outcome of Bank Negara Malaysia’s OPR rate decision later today estimated at 3pm.

It said most economists expect the central bank to wait until after the outcome of the US Federal Reserve rate decision on 17/18 Sept, the on-going US-China trade talks and Malaysia’s 2020 Budget announcement in October before making any changes to the OPR.

“KLCI is still trading in a range bound mode between 1,580 and 1,620.

“Market attention will also be on the Brexit and European Central Bank’s policy meeting and decision later today.

“Nevertheless, we notice that the MACD and RSI indicators appear to be turning up again. A break above 1,620 would bode well for the index. Resistance: 1,620 & 1,640. Support: 1,580 & 1,572,” it said.