KLCI falls 0.3% as investors eye Japan parliament dissolution

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KUALA LUMPUR (Nov 21): The FBM KLCI fell 6.21 points 0.3% with Asian markets as investors eyed Japan's parliament dissolution today. The dissolution will make way for a snap election in Japan next month.

At 9.03am, Malaysia's KLCI was traded at 1,816.08 on losses in stocks like Sime Darby Bhd and Genting Bhd.

"Given the cautious external tone amid growth concerns and slowing trading momentum, the local market is expected to extend lack luster trade ahead of the weekend," TA Securities Holdings Bhd wrote in a note today.

Bursa Malaysia saw some 93 million shares worth RM30 million changing hands. There were 101 gainers versus 70 decliners.

The top gainer was United Plantations Bhd while British American Tobacco (M) Bhd led decliners. The most-active stock was Systech Bhd.

Across Asia, Japan's Nikkei 225 declined 0.6% while Australia's S&P/ASX200 fell 0.2%. South Korea's Kospi, however, rose 0.4%.

Bloomberg reported that Asian stocks headed for a weekly decline as the yen rose from a seven-year low and Japan premier Shinzo Abe prepared to dissolve parliament for elections.

Japan gearing up for elections “might mean we see a bit of a cautious tone today,” Stan Shamu, a markets strategist in Melbourne at IG Ltd., wrote in an e-mail to clients. “It’ll be interesting to see how it plays out as politicians are likely to start getting vocal.”