KLCI tracks Asian market fall as investors eye China's GDP

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KUALA LUMPUR (Oct 21): The FBM KLCI fell 3.85 points or 0.21% as investors locked in gains from the index's recent rise. Asian markets declined.

Malaysia's KLCI settled at 1,799.29 at 12.30pm. The KLCI fell on losses in stocks like Kuala Lumpur Kepong Bhd, UMW Holdings Bhd and CIMB Group Holdings Bhd.

The KLCI had declined after opening in positive territory today following yesterday's 14.83-point or 0.8% gain to 1,803.14.

Today, Bursa Malaysia saw some 653 million shares worth RM496 million changed hands. There were 22 gainers versus 419 decliners.

The top gainer was WZ Satu Bhd while leading decliner was United Plantations Bhd.

The most active stock was Malaysian Airline System Bhd.
Across Asia, Japan's Nikkei 225 fell 1.47% while Hong Kong's Hang Seng declined 0.25%.

China's third quarter economic growth announcement today was closely watched. Reuters reported that investors took solace from data showing the Chinese economy grew slightly more than expected in the third quarter, calming fears of a deepening slowdown in the world's second-largest economy.

China's economy grew 7.3 percent between July and September from a year earlier, slightly above expectations. But it slowed from 7.5 percent in the second quarter, the weakest in nearly six years.

"By and large, (it was) an impressive reading showing resilience of the Chinese economy. It also shows that we don't need to be that concerned about the depth of slow down in China," said Dariusz Kowalczyk at Credit Agricole Corporate and Investment Bank in Hong Kong.