Friday 29 Mar 2024
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KUALA LUMPUR (Oct 19): The FBM KLCI fell 3.72 points or 0.2% as Asian shares dropped after China said third quarter economic growth slowed to 6.8% from a year earlier.

Reuters reported that China's economy grew 6.8% in the third quarter from a year earlier, in line with the median estimate in a Reuters poll and down from 6.9% in the second quarter, the National Bureau of Statistics said on Thursday.

In Malaysia, analysts said the KLCI had fallen below the crucial 1,750-point support level amid rotational interest in small-capitalisation stocks.

"On the local front, since the KLCI has violated below the 1,750 support level, stocks may trade on a downward bias mode. In the near term, investors may opt to wait for more clues on the Budget 2018 next week and the 3Q reporting season which will be due in November," Hong Leong Investment Bank Bhd analyst Loui Low Ley Yee wrote in a note today.

At 12:30pm, the KLCI settled at 1,745.27 points. In China, the Shanghai Stock Exchange Composite fell 0.42% while Hong Kong's Hang Seng dropped 0.18%.

In Malaysia, Prime Minister Datuk Seri Najib Tun Razak will table Budget 2018 in Parliament this Oct 27.

Across Bursa Malaysia today, 1.66 billion shares worth RM1.02 billion were traded. Decliners led gainers at 353 to 259 respectively.

Top decliner Petronas Gas Bhd fell 32 sen to RM18.18.

Meanwhile, Sapura Energy Bhd shares fell one sen to RM1.47 after the oil and gas support-services provider said the company and Subsea 7 S.A. have discontinued their SapuraAcergy joint venture.

Sapura Energy said: "As a consequence, SEB (Sapura Energy) has now become the sole owner of Sapura 3000, a self-propelled, dynamically positioned heavy lift derrick and pipelay combination vessel. Having full ownership of Sapura 3000 will further enhance the group's competitive positioning in the engineering and construction segment."

 

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