KLCI dips along with regional markets on China woes

noon_market_down_theedgemarkets

-A +A

KUALA LUMPUR (Nov 6): The FBM KLCI dipped at the midday break on Thursday in line with the retreat at regional markets on concerns of a slowing Chinese economy, while losses at blue chips including Genting Plantations Bhd and Tenaga Nasional Bhd weighed.

At 12.30pm, the FBM KLCI fell 3.34 points to 1,835.95, erasing its earlier gains. The index had earlier risen to its intra morning high of 1,844.44.

The top losers included British American Tobacco (M) Bhd, Nestle (Malaysia) Bhd, Genting Plantations Bhd, Tenaga Nasional Bhd, Ibraco Bhd, Uzma Bhd, Malaysia Airports Holdings Bhd and Cahya Mata Sarawak Bhd.

Malaysian Airline System Bhd was the most actively traded counter with 94.54 million shares done. The stock was flat at 26 sen.

The other actives included PDZ Holdings Bhd, IFCA MSC Bhd, Sumatec Resources Bhd, SapuraKencana Petroleum Bhd and Malayan United Industries Bhd.

The gainers included Dutch Lady Milk Industries Bhd, Danainfra Nasional Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd, United Plantations Bhd, Gamuda Bhd, Hong Leong Financial Group Bhd and Guiness Anchor Bhd.

Regionally, Asian shares and commodity currencies dropped on Thursday as investor concerns about a slowing Chinese economy eclipsed optimism over the U.S. outlook, while Tokyo stocks stepped back after posting large gains in a Bank of Japan-inspired rally, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, led by declines in Australia and China, under pressure from concerns over slower growth of the world's second-largest economy, it said.

BIMB Securities Research said Asian shares wilted and oil prices extended losses on Wednesaday after more soft economic data from China.

It said that locally, the FBM KLCI ended on a softer note weighed by profit-taking in Tenaga Nasional as investors stayed on the sidelines, spurred by the mostly weaker regional equities and lack of fresh catalysts.

The research house said the KLCI closed down 8.07 points to 1,839.29.

“Turnover was 2.019 billion shares valued at RM2.265 billion. There were 251 gainers, 576 decliners and 288 counters unchanged.

“For today, we expect the local market to remain sideways with the index hovering in the region of 1,835-42,” it said.