KLCI flat ahead of Malaysia's Budget 2017 announcement

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KUALA LUMPUR (Oct 19): The FBM KLCI rose 0.7 point after volatile trade, in the absence of fresh leads ahead of Malaysia's Budget 2017 announcement this Friday (Oct 21).

Today, fund managers said besides Malaysia's budget, investors would also eye on external issues like the U.S. presidential election and Federal Reserve’s interest rate decision.

At 5 p.m., the KLCI closed at 1,668.27 points, after rising to its intraday high at 1,670.93 points and falling to its intraday low at 1,664.91 points.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that "the KLCI was flattish today, as there is no fresh leads ahead of the tabling of the Budget 2017 this Friday."

"Most regional markets today were flattish too. The fact that crude oil price stays firmly above US$50 per barrel is positive to Malaysian stock market," Wong said via telephone.

Reuters reported Asian shares rose for a second session on Wednesday, as a barrage of Chinese data confirmed the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount.

Chinese gross domestic product expanded 6.7% in the year to September, exactly as forecast.

In Malaysia, Bursa Malaysia saw 373 advancers and 403 decliners. A total of 1.39 billion shares, worth RM1.58 billion, exchanging hands.

Top gainer was KESM Industries Bhd, while British American Tobacco (M) Bhd was the leading decliner. Perisai Petroleum Teknologi Bhd was the most actively-traded counter.