FBM KLCI lower as China data miss expectations

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KUALA LUMPUR (Nov 14): The FBM KLCI fell 3.88 points or 0.2% with Asian share markets after China reported economic data which missed market expectations.

These included China's October retail sales and industrial output growth numbers. At Bursa Malaysia, the KLCI closed at 1,733.61 points at 5pm. In China, the Shanghai Stock Exchange Composite fell 0.53% while Hong Kong's Hang Seng dropped 0.1%.

In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low said: "Foreign selling could have persistsd as a result of the disappointing (China) data while oil & gas-related counters are also down as positive sentiment surrounding the oil price rally has been priced in."

Across Bursa Malaysia, there were 276 gainers against 546 decliners as 2.98 billion shares worth RM2.6 billion were traded.

Investors had closely watched China's economic data today. Reuters reported that Asian stocks put in a subdued performance on Tuesday as Chinese economic data disappointed and investors pondered whether a marked flattening in the US yield curve might be a harbinger of a future slowdown there.

China's retail sales rose 10 percent on the year in October, while industrial output grew 6.2 percent. Both came in under market forecasts and briefly hit the Australian dollar, which is often used as a liquid proxy for China wagers.