Friday 29 Mar 2024
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KUALA LUMPUR (Oct 10): The FBM KLCI fell 18.23 points or 1%, tracking Asian market losses, and ahead of Malaysia's Budget 2015 later today. World markets fell on weaker global economic prospects, and after Hong Kong cancelled negotiations with protesters.

Malaysia's KLCI settled at 1.811.50 at 12.30pm on losses in stocks like SapuraKencana Petroleum Bhd and Petronas Gas Bhd as crude oil prices fell. CIMB Group Holdings Bhd also declined on its merger plan with RHB Capital Bhd and Malaysia Building Society Bhd (MBSB).

Analysts foresee volatility in the local stock market amid world economic growth concerns and ahead of the budget announcement.

"Ahead of the Budget 2015 release today and the return of jittery mood in Wall St and overseas markets due to concern of global economic growth, KLCI is expected to experience some wild swings ahead, tracking external markets," Hong Leong Investment Bank Bhd analyst Nick Foo Mun Pang said.

Across Bursa Malaysia, 1.18 billion shares worth RM1.05 billion changed hands. There were 85 gainers versus 784 decliners.

The top gainer was MBSB while leading decliner was Warisan TC Holdings Bhd. The most-active stock was Censof Holdings Bhd.

Major Asian stock markets fell. Japan’s Nikkei 225 fell 1.02% while Hong Kong's Hang Seng declined 1.65%.

Reuters reported that Asian shares drooped and oil prices fell to two-year lows on Friday after weak German export data raised fears that a recession at the heart of Europe could slow down the global economy.

Concerns about global economic growth hit oil prices hard, with Brent oil prices falling to $89.24 a barrel, its lowest level since mid-2012. U.S. crude futures traded at $84.68, having fallen to $84.06 on Thursday, its lowest level in almost two years.

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