KLCI falls 0.21% amid weaker regional markets as budget gains falter

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KUALA LUMPUR (Oct 26): The FBM KLCI declined 0.21% today in line with the weaker regional markets as they took cues from the lower close in US and EU markets earlier today.

The benchmark index fell 3.51 points to close at 1,673.92 points.

JF Apex Securities senior analyst Lee Cherng Wee said there was not much going on locally, noting that the index's decline was in line with the slower performance in global markets.

"The KLCI is down in line with the lower close by US and EU markets. Asian markets were also down. The budget announcement had driven the index's gains on Monday but it seems like the gains were not sustainable," he said.

Overall, the bourse saw 1.54 billion shares traded, valued at about RM1.81 billion. Market sentiment remained bearish as decliners continued to outrun gainers at 496 against 285; 387 counters were unchanged.

British American Tobacco (Malaysia) Bhd led the decliners while Kobay Technology Bhd led the gainers. AirAsia X Bhd was the most actively traded stock.

Markets in Asia were mostly down as Hong Kong's Hang Seng Index fell 1.04% and South Korea's Kospi fell 1.14%. Meanwhile, Japan's Nikkei 225 gained 0.15%.

Reuters reported that Asian shares on Wednesday followed in the footsteps of Wall Street, which pulled back overnight on disappointing earnings, while the dollar strengthened and oil prices extended this week's losses.

MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.7%, it said.