KLCI falls 4.29 points as GDP growth drops to slowest pace in 2 years

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KUALA LUMPUR (Nov 13): The FBM KLCI fell 4.29 points or 0.26% today, in line with the dip at most regional markets and as the local economy grew at its slowest pace since the second quarter of 2013.

At the 5pm closing bell, the benchmark index settled at 1,658.91 points.

Most of the indices on Bursa Malaysia ended the day in red, except for technology and mining, which increased 0.24 points and 8.11 points respectively.

There were 339 gainers, 558 losers and 360 counters traded unchanged across the exchange today. Market breadth saw 2.21 billion shares traded, worth some RM2.14 billion.

Top gainers were led by Fraser & Neave Holdings Bhd, while top losers were led by British American Tobacco (M) Bhd.

Instacom Group Bhd was the most-traded stock today, with 103.08 million shares done.

Kenanga Research head of research Chan Ken Yew sees a rebound next week, as the KLCI downside gap has almost been filled.

“Based on the performance today, we do not discount the possibility of a slight rebound next week, if KLCI manage[s] to hold an uptrend support line, just to fill the upside gap of 1,674.7 points to 1,680.8,” he told theedgemarkets.com today.

However, Chan warned there is still a minor downside risk, unless KLCI can overcome the 1,685-point level to gain a sustainable rebound.

In Asia, Japan’s Nikkei fell 0.51%, Hong Kong Hang Seng Index slid 2.15%, while South Korean Kospi also declined 1.01% today.

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