KLCI slightly lower as market awaits Budget 2017

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KUALA LUMPUR (Oct 13): The FBM KLCI eased 2.01 points or 0.12% today as the market awaits Budget 2017 with sentiment also affected by weaker China trade data.

At the close of trading, the benchmark index settled at 1,665.02.

Reuters reported that Japan's Nikkei share average gave up early gains and slipped 0.39% today as the yen clawed back the ground it had lost to the dollar, with sentiment further undercut by China's weak trade numbers.

Hong Kong's Hang Seng fell 1.61%, South Korea's Kospi dropped 0.90%, and Singapore's Strait Times dipped 0.46%.

In Malaysia, the market appears to be waiting for Budget 2017, according to Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew.

"While there have been talks on a boost to export counters given the weakening ringgit against the US dollar, we are not really seeing it," said Pong.

"The market remains rather boring although there is a pick-up in the trading volume with quite a bit of selling today," he added.

Pong also shared that despite the slightly stronger oil price now, the recent news on Perisai Petroleum Teknologi Bhd's default on its debt repayment and its classification as a Practice Note 17 (PN17) company shows that recovery in the sector may not be so soon.

Brent crude oil price eased 0.37% to US$51.62 (RM217.54) a barrel while West Texas Intermediate oil dropped below the US$50 level to US$49.90. The ringgit was also weaker against the US dollar at RM4.217.

Across Bursa Malaysia, 1.76 billion shares worth RM1.94 billion were traded, with 304 gainers, 485 losers and 411 unchanged counters.

Perisai was the most active stock with 125.7 million shares traded. Fraser & Neave Holdings Bhd was the top gainer while British American Tobacco (M) Bhd was the leading decliner.