Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 25): The FBM KLCI fell 6.01 points or 0.4%, tracking China shares' over 6% plunge and crude oil price volatility.

At 5pm, the KLCI closed at 1,658.16 points. In China, the Shanghai Composite slumped 6.41% while Hong Kong's Hang Seng shed 1.58%.

"There are still a lot of macro challenges like languishing oil prices. Chinese markets have been so volatile," Public Investment Bank Bhd research head Ching Weng Jin told theedgemarkets.com.

Ching said Malaysian markets could perform better when external challenges were cleared and upon conclusion of Malaysia's corporate financial reporting season.

Reuters reported that Asian shares slipped on Thursday as crude oil prices see-sawed and Chinese shares dived, rekindling anxiety about the impact of high market volatility on the global economy on the eve of a G20 meeting in Shanghai.

Crude oil prices fell on Thursday as downward pressure from global overproduction and slowing economic growth outweighed strong gasoline demand and lower US crude output. Brent crude benchmark was trading at US$34.07 per barrel at 0804 GMT, down 34 US cents from its last close.

On Bursa Malaysia, decliners outnumbered gainers at 565 to 271. A total of 1.65 billion shares worth RM1.86 billion changed hands.

The top decliners included Petronas Gas Bhd and Petronas Chemicals Group Bhd.

The leading gainer was British American Tobacco (M) Bhd.

The most-active stocks included APFT Bhd and Genting Malaysia Bhd

 

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