Market Close KLCI extends losses on Ukraine-Russia, Middle East conflicts
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Market Close KLCI extends losses on Ukraine-Russia, Middle East conflicts
Market Close KLCI extends losses on Ukraine-Russia, Middle East conflicts |
Business & Markets 2014 |
Written by Chong Jin Hun of theedgemalaysia.com |
Thursday, 07 August 2014 17:15 KUALA LUMPUR (Aug 7): The FBM KLCI extended losses to end 2.6 points or 0.1% lower as political conflicts in the Russia-Ukraine and Middle East regions hurt global market sentiment. This was in anticipation that prolonged uncertainties there would negatively impact growth in major economies. Malaysia's KLCI settled at 1,867.32 at 5pm on losses in stocks like Tenaga Nasional Bhd and PPB Group Bhd. Yesterday, the KLCI fell 6.77 points or 0.36%. Today, fund managers said the Russia-Ukraine crisis might have a bigger impact on the world economy compared to the Middle East conflict. A fund manager said Russia's move to ban food imports from the US and Europe in response to sanctions against Russia, might hurt economic growth in the US and Europe. Slower growth in the US and Europe may, in turn, be felt globally as both are major importers of emerging market products. "The food import ban may affect US and Europe economic growth," the fund manager told theedgemalaysia.com over telephone today. Bursa Malaysia saw 3.19 billion shares worth RM2.33 billion changed hands. There were 459 gainers versus 388 decliners. The top gainer was British American Tobacco (M) Bhd while Batu Kawan Bhd led decliners. The most-active stock was PDZ Holdings Bhd. Across Asia, Japan's Nikkei erased losses to finish 0.48% higher while South Korea's Kospi fell 0.3%. Hong Kong's Hang Seng dropped 0.8%. Reuters reported that Asian shares retreated while investors flocked to safe haven assets such as bonds and gold on Thursday, spooked by a Russian troop build-up on the border with Ukraine and tit-for-tat economic sanctions between the West and Moscow. Sentiment soured further in Asia after the Australian dollar, seen as a barometer of risk appetite, sank after Australia's unemployment rate jumped unexpectedly to a 12-year high, sparking talk of an interest rate cut there. |
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