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NewsMarket Close KLCI falls 17.17pts on China data, Petronas stocks
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Market Close KLCI falls 17.17pts on China data, Petronas stocks
by Cals Tue 10 May 2016, 10:24
- Market Close
[size=28]KLCI falls 17.17pts on China data, Petronas stocks
By Sangeetha Amarthalingam / theedgemarkets.com | May 9, 2016 : 6:12 PM MYKUALA LUMPUR (May 9): The FBM KLCI fell 17.17 points or 1% while the ringgit weakened as investors evaluated the impact of weaker China external trade data on global share markets.
The US's weaker-than-expected job data might have also weighed upon the KLCI. The employment data is a crucial indicator of the US economy's strength, hence, the country's interest rate policy hinges upon the job numbers.
In Malaysia, the KLCI closed at 1,632.19 points while the ringgit weakened to 4.0122. In China, the Shanghai Composite fell 2.79% although Hong Kong's Hang Seng rose 0.23%.
Reuters reported that Asian stocks were mostly lower today after a disappointing US jobs market report and worse-than-expected trade numbers out of China, which raised questions on the underlying strength of the world's biggest economies.
US nonfarm payrolls increased by 160,000 in April, the smallest gain since September and below the 200,000 economists had expected. China's April exports fell 1.8% from a year earlier, the General Administration of Customs said.
In Malaysia, Affin Hwang Investment Bank Bhd retail research head Datuk Dr Nazri Khan told theedgemarkets.com that the US and China's economic sentiment had directed the spotlight on global central banks' measures to support their respective economies.
"From today's (KLCI) close, we can see a cautious turn because of the US job data. That gives us a clue to the interest rate decision," Nazri said.
Across Bursa Malaysia, there were 336 gainers and 484 decliners. Total volume of shares was 1.69 billion valued at RM1.55 billion.
Top gainer was Fraser & Neave Holdings Bhd while Petroliam Nasional Bhd (Petronas)-linked stocks MISC Bhd and Petronas Gas Bhd were top decliners.
The most-active stocks included AirAsia Bhd and SapuraKencana Petroleum Bhd.
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