KLCI tumbles 21pts/ 1.14% on world economic growth concerns

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KUALA LUMPUR (Oct 10): The FBM KLCI fell 20.85 points or 1.14% to finish at 1808.88 as world economic growth concerns dragged Asian markets lower. The KLCI had earlier fallen as much as 1.18% to an intraday low of 1808.09.

The KLCI fell as stocks such as CIMB Group Holdings Bhd, SapuraKencana Petroleum Bhd and IHH Healthcare Bhd ended lower, while investors followed the on-going Budget 2015 announcement.

Areca Capital Sdn Bhd CEO Danny Wong Teck Meng said the bleak performance for Bursa Malaysia was less related to the budget.

“I think the KLCI performance today has no direct relation to the budget because it has been over shadowed by other factors,” Wong said.

Citing examples, Wong said Germany, a major country to support European growth, saw its export data fell 5% to recent-years low.

The International Monetary Fund (IMF) has downgraded its forecast of global economic growth, sending shivers to markets world wide.

Bursa Malaysia saw 2.23 billion shares, worth some RM2.35 billion traded today.

Losers topped gainers at 748 over 152, with 255 counters remaining unchanged.

Top gainers included Malaysia Building Society Bhd, Kulim (M) Bhd and Fraser & Neave Holdings Bhd, while top losers were Warisan TC Holdings Bhd, Batu Kawan Bhd and UMW Holdings Bhd.

Meanwhile, the most-active counters included Censof Holdings Bhd and PDZ Holdings Bhd.

In the region, Japan's Nikkei 225 dipped 1.15%, while Hong Kong's Hang Seng Index dropped 1.9%.

According to Reuters, Asian shares were mostly in the red and Brent crude oil prices tumbled to their lowest since 2010 on Friday after weak German export data raised fears that Europe's economic woes could drag down the global economy.