KUALA LUMPUR (April 23): The FBM KLCI extended losses as profit taking continued amid less optimistic economic data from China, Japan and Europe.

The KLCI closed 8.69 points or 0.47% lower at 1,846.08 points at 5pm as counters like RHB Capital Bhd, PPB Group Bhd and Kuala Lumpur Kepong Bhd took a beating.

The KLCI had extended losses after falling 8.03 points or 0.4% yesterday (Wednesday). Last Tuesday, the KLCI rose 14.14 points or 0.8%.

Global markets had taken the cue from China, Japan and Europe data. Reuters reported that Asian shares weathered a soft reading on Chinese manufacturing on Thursday as it only whetted expectations for more policy stimulus there, while a sharp rise in British and German bond yields rippled through global debt markets.

HSBC China manufacturing PMI came in at a one-year trough of 49.2 in April, when the consensus had been for it to hold steady at 49.6. Neither was the news bright from Japan where the Markit/JMMA flash PMI fell to 49.7 in April from a final 50.3 in March.

Across the globe, European shares gave up early gains on Thursday after a survey showed growth in Germany's private sector slowed and French business activity barely grew in April. The German PMI index fell to 54.2 from March's eight-month high of 55.4. France's PMI showed slower expansion than forecast in the services sector and a faster contraction than expected in manufacturing.

In Asian share markets, South Korea’s Kospi was up 1.38%, while Japan's Nikkei 225 was up by 0.27%.

In Malaysia, remisiers said investors were also eyeing crude oil prices. Brent crude oil was traded at US$62.43 per barrel amid news of higher US crude oil inventory.

“There is also a factor of uncertainty among investors over fluctuating prices of crude oil,” a remisier told theedgemarkets.com.
 
Across Bursa Malaysia, 1.98 billion shares valued at RM1.68 billion were traded.

There were 310 gainers against 480 decliners, while 365 counters remained unchanged.

Top gainers included British American Tobacco (M) Bhd and Nestle (M) Bhd. Major decliners included UMW Oil & Gas Corp Bhd and Press Metal Bhd.

The most actively-traded stock today was VSolar Group Bhd. Press Metal fell 11 sen or 3% to close at RM3.24 as world aluminium prices declined.