Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 12): The Kuala Lumpur Composite Index (KLCI) closed flat today, while key Asian markets extended their losses, ending up at 0.013% or 0.21 points lower at 1643.74 points.

Most Asian shares traded in the red on Friday with Japan’s Nikkei 225 fallen as much as 5.3% to a 15-month low in the morning, due to an unexpected spike in the yen and a sell-off in the Wall-Street.

The Dow Jones Industrial Average Index ended the session at a 2-year closing low, tumbling 254.56 points or 1.6% to 15,660.18 on Thursday. The S&P 500 also slumped 22.78 points or 1.2% to 1,829.08, its lowest close in almost two years.

According to Reuters, mounting concerns about the health of European banks further threatened a global economic outlook, already under strain from falling oil prices and a slowdown in China and other emerging markets.

Other markets such as Hong Kong Hang Seng Index fell 1.22%, while Korea’s Kospi Index was down 1.41%. South East Asian markets were mixed today, with Singapore’s Straits Time Index registering a 0.07% gain. Thailand and Indonesian markets were down 0.02% and 1.29% respectively.

Sentiment at Bursa Malaysia remained volatile, given the opaque global outlook. The volume remained weak with 1.33 billion shares traded, for a total value of RM1.57 billion. Losers led gainers by 517 to 271.

Mercury Securities Sdn Bhd analyst told theedgemarkets.com that the key focus next week should be on China market, which will be reopened following a long Chinese New Year holiday.

He expects oil prices volatility and the slowing down in Chinese economy to continue to dampen market sentiment.

He said the market remained flat today, as investors remained in a “holiday mood” and also as retail participation was still below average.

However, he expects the stabilisation of ringgit against the US dollars recently to temporarily ease the tension of KLCI, although the fluctuation of oil prices will continue to affect the KLCI market.

According to the research house, KLCI’s nearest resistant level in near-term is 1662 points, while support level is at 1629 points.

At press time, ringgit weakened 0.52% to 4.167 against the US dollar, while the Brent Crude oil price was up 2.89% to US$30.93 per barrel.

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