Market Close KLCI down 0.41% as global markets take a beating
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Market Close KLCI down 0.41% as global markets take a beating
Market Close KLCI down 0.41% as global markets take a beating |
Business & Markets 2014 |
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
Thursday, 02 October 2014 17:24 KUALA LUMPUR (Oct 2): The FBM KLCI fell 0.41%, in line with global markets, as the Ebola health scare in the US and weak global manufacturing data sapped investors’ risk appetite. At 5pm, the KLCI fell 7.64 point to 1,837.68. Benny Lee, chief market strategist at Jupiter Securities Sdn Bhd said market confidence has been weak due to the various global developments. “With the continued protests in Hong Kong, signs of the EU market pulling back and also the weakened ringgit, market confidence has not been very strong,” Lee told theedgemalaysia.com. In Malaysia, he said investors were “staying at the sidelines” in anticipation of the upcoming Budget 2015 announcement this month. Across Bursa Malaysia, some 2.13 billion shares valued at RM1.88 billion were exchanged. Decliners beat gainers at 732 versus 179, while 232 counters were unchanged. Index-linked stocks such as British American Tobacco (M) Bhd and Petronas Gas Bhd were among top decliners while Syarikat Takaful Malaysia Bhd led gainers. Hubline Bhd was the most-active counter with some 122.6 million shares traded. In Asia, Japan’s Nikkei fell 2.61%, while South Korea's Kospi declined 0.77%. China markets were closed for public holidays. Reuters reported that Japanese stocks were knocked hard on Thursday as weak global manufacturing activity and an Ebola health scare in the United States spooked world markets, sending investors scurrying to the safety of U.S. bonds, the yen and gold. Investors warmed to the yen after a slew of surveys showed German factory activity shrank for the first time in 15 months, China's manufacturing sector barely grew, while the United States slowed more than expected. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.1 percent, with the downturn potentially limited by market closures in both China and Hong Kong for public holidays. |
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