KLCI closes flat as Budget 2017 looms

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KUALA LUMPUR (Oct 10): The FBM KLCI ended flat today, amid uncertainties surrounding the upcoming Budget 2017 announcement slated for Oct 21, while the US presidential debate rages on.

The benchmark index closed 0.06 points lower at 1,665.32.

“We expect the market to be not so active in the near-term, especially before the Budget 2017 announcement, also not forgetting the other external uncertainties,” said Danny Wong, chief executive officer of Areca Capital Sdn Bhd.

He added that although global crude oil prices rebounded to levels above US$50 per barrel, there was not much impact on oil and gas stocks. At the time of writing, Brent crude futures traded at US$51.69 per barrel.

Bursa Malaysia saw some 1.29 billion shares worth RM1.37 billion transacted. Decliners beat gainers at 460 against 324, while 365 counters were unchanged.

Panasonic Manufacturing Malaysia Bhd led the decliners, while the gainers was led by British American Tobacco (M) Bhd. The top active stock was AT Systematization Bhd.

Markets in the region were mixed as Hong Kong’s Hang Seng was down 0.42%, while South Korea’s Kospi and Australia’s ASX 200 both increased 0.15%.

Reuters said Asian shares crept higher and the Mexican peso jumped on Monday as odds of a victory by Republican nominee Donald Trump for the US presidential bid declined just hours before a debate with Democratic candidate Hillary Clinton.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1%.