KLCI down on window dressing ahead of US presidential debate

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KUALA LUMPUR (Sept 26): The FBM KLCI fell 1.49 points or 0.1% on fund managers' quarter-end window dressing as markets reacted to last Friday's 4% crude oil loss.

At 5pm today, the KLCI closed at 1,669.5 points after falling to its intraday low at 1,665.41 points.

Across Bursa Malaysia, 1.64 billion shares valued at RM1.57 billion were traded. There were 324 gainers and 484 decliners.

Inter-Pacific Research Sdn Bhd research head Pong Teng Siew told theedgemarkets.com over telephone that the firm expected the KLCI's contraction to last for a few days "before climbing higher after mid-week" due to window dressing.

Malaysian shares tracked Asian equity losses today in anticipation of the US presidential debate on Monday (0100 GMT in Asia on Tuesday) and after crude oil fell 4% last Friday.

Today, Japan's Nikkei 225 dipped 1.25% while Hong Kong's Hang Seng fell 1.56%.

Reuters reported that Southeast Asian stock markets sank on Monday along with its Asian peers, after last week's gains as investors shifted their attention from central banks to American politics ahead of the US presidential debate.

US crude futures rose 0.9% to US$44.87 (RM185.25) a barrel, after tumbling 4% on Friday on signs Saudi Arabia and arch rival Iran were making little progress in achieving preliminary agreement ahead of this week's meeting of the Organization of the Petroleum Exporting Countries (OPEC).