KLCI ends on flat note

KLCI ends on flat note
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KUALA LUMPUR (Oct 21): The FBM KLCI fell to a low of 1,565.08 points today before recouping to close at a marginal 0.01% drop on Monday, following the decline in US equities on Friday (Oct 18).

At 5pm, the benchmark index finished 0.22 points down at 1,570.93. Main decliners were AMMB Holdings Bhd and Genting Bhd, which fell to close 1.99% and 1.05% lower respectively.

Market breadth was negative with more losers than gainers at 435 versus 383 at the end of the trading day. Total turnover stood at a total of 2.58 billion shares, worth RM1.48 billion.

Inter-Pacific Securities Sdn Bhd's head of research Pong Teng Siew told theedgemarkets.com that the key index’s performance today was a “knee-jerk reaction” to the fall in US equities, coupled with the “lack of driving factors locally”.

In China, the Shanghai Stock Exchange Composite Index was up 0.05% at its close, while Hong Kong’s Hang Seng Index rose 0.02% at the end of trading day after Chinese bourses revised rules to allow mainland investors to buy Hong Kong-listed dual-class shares for the first time.

Meanwhile, Japan’s Nikkei 225 ended the day with a 0.25% gain, while South Korea’s Kospi finished 0.20% higher.

Reuters said Asian shares were mostly higher on Monday, supported by hopes for progress in resolving the US-China trade war.

Chinese vice premier Liu He on Friday said Beijing will work with the United States to address each other’s concerns, and that stopping the trade war would be good for both sides and the world, it reported.

Also on Friday, US President Donald Trump said he thinks a trade deal between the United States and China will be signed by the time Asia-Pacific Economic Cooperation meetings take place in Chile on Nov 16 and 17, it added.