KL shares lower on china data

BURSA Malaysia continued to slide at close yesterday, tracking most Asian bourses, prompted by China’s slightly slower economic growth in the third quarter (3Q) and as investors await new developments in the US, dealers said.

At the close, the key FTSE Bursa Malaysia KLCI (FBM KLCI) fell five points to close at 1,743.99, after moving between 1,741.62 and 1,750.59 throughout the day.

It opened 0.86 of-a-point better at 1,749.85 from Tuesday’s close of 1,748.99.

On the broader market, losers outpaced gainers by 544 to 365 with 392 counters unchanged, 551 untraded and 19 others suspended.

Volume rose to 3.16 billion units worth RM2.51 billion from 2.89 billion units worth RM2.28 billion.

A dealer said most Asian markets were weaker, influenced by the slightly lower China’s economic growth, which grew at 6.8% in the 3Q from a 6.9% expansion in the previous quarter.

“Besides, the other factor that could provide market direction, at least for a short term, is the replacement of the US Federal Reserve chair Janet Yellen.

“Her term is expected to expire in February next year, and investors are speculating on who is going to take her place.”

He said, back home, the trading on Bursa Malaysia was on a downtrend in this holiday-shortened week, while traders remained on the sidelines ahead of the 2018 budget announcement.

“We anticipate to see some new, positive measures in certain sectors to boost the economy,” the dealer added.

Of the heavyweights, Petronas Gas Bhd fell 52 sen to RM17.98, DiGi.Com Bhd shed 12 sen to RM4.77, Malayan Banking Bhd eased seven sen to RM9.35, Sime Darby Bhd was down three sen to RM9.04, Tenaga Nasional Bhd rose four sen to RM14.32 and Public Bank Bhd was two sen better at RM20.48.

The Main Market volume increased to 1.69 billion units worth RM2.54 billion from 1.53 billion units worth RM2 billion.

Volume on the ACE Market advanced to 1.27 billion shares valued at RM234.41 million. — Bernama