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Tuesday, March 8, 2016

Market Daily Report: Weak China's data KO stock market



Bursa Malaysia's benchmark, FBM KLCI suffered a drop of 10.07 points or 0.6% as China’s data disappoints the market. At market close, FBM KLCI was at 1,687.86 points.

FBM KLCI closed 10.07 points lower
Reuters reported that global stock markets fell on Tuesday after another batch of weak data from China reinforced persistent concerns about a possible slowdown in the global economy.
China's February exports disappointed analysts' expectations, falling 25.4% from a year earlier, while imports fell by 13.8%.
The pan-European FTSEurofirst 300 index fell 1 percent while the MSCI All-Country World index weakened 0.3 percent.
Japan's safe-haven yen notched up gains while the low-yielding euro moved up against the dollar on Tuesday as appetite for riskier assets and currencies waned following the weak Chinese data.
The soft Chinese exports figures also impacted oil and metals prices.
The MSCI Emerging Market index fell 0.7 percent while U.S. stock index futures also declined.
Across Bursa Malaysia, 2.01 billion shares worth RM2.07 billion were traded. Decliners overtook gainers at 568 against 286.

The top gainer was Carlsberg Brewery Malaysia Bhd while the top decliner was British American Tobacco (M) Bhd.
The most-active counters included Chin Hin Group Bhd and AirAsia X Bhd.

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