Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Nov 11): The FBM KLCI fell 17.51 points or 1% on China economic, and crude oil price concerns as investors anticipated Malaysian oil palm sector numbers. The KLCI resumed trading today following the Deepavali holiday yesterday.

At 9:09am today, the KLCI was traded at 1,668.60 on losses in plantation, banking and oil and gas shares like Sime Darby Bhd, Public Bank Bhd and Petronas Dagangan Bhd. These stocks were among Bursa Malaysia top decliners.

The Malaysian Palm Oil Board will announce this week Oct inventory, output and export numbers. Plantation shares like Sime Darby, Kuala Lumpur Kepong Bhd, IOI Corp Bhd and PPB Group Bhd account for substantial weightage in the 30-stock FBM KLCI.

CIMB Investment Bank Bhd said in a note Malaysia's Oct palm oil inventory could have climbed to a record 2.72 million tonnes from the preceding month as exports dropped at a faster pace than production.

Bursa Malaysia saw some 191 million shares worth RM97 million changed hands. There were 111 gainers versus 263 decliners.

Top gainer was Ge-Shen Corp Bhd while British American Tobacco (M) Bhd led decliners. The most-active stock was The Media Shoppe Bhd.

China's economic concerns and lower crude oil prices underpinned global market sentiment. Bloomberg reported that Asian equities climbed from a four-week low ahead of an onslaught of Chinese economic data, as high-yielding currencies reclaimed some gains against the dollar and crude oil resumed its descent.

A rebound in Australian stocks drove the advance among Asian shares, which slid last session as further evidence of the slowdown in China’s economy unsettled investors already bracing for higher US interest rates as soon as December.

“There will be close attention on the Chinese data dump,” Chris Weston, chief market strategist in Melbourne at IG Ltd was quoted as saying said in an e-mail to clients.

      Print
      Text Size
      Share