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Friday, April 14, 2017

Market Daily Report: Malaysian stocks stay weak as US bombing in Afghan soured investors' appetite

KUALA LUMPUR (April 14): The benchmark FBM KLCI index extended its losing streak today in tandem with the weak performance of global equity markets and Wall Street after the US dropped "the mother of all bombs" in Afghanistan, which soured investors' appetite.

The KLCI slipped 0.41% or 7.19 points to close at 1,730.99 points, with 3.2 billion shares worth RM1.9 billion traded. Market breadth was negative with 801 losers against 171 gainers, while 289 counters traded unchanged.

JF Apex Securities Bhd research head Lee Chung Cheng said the negative sentiment in the US equity market caused by the US bombing in Afghanistan led to the lacklustre performance in the local stock market.

The top gainer was United Plantations Bhd, while the leading decliner was Nestle (M) Bhd. The most actively traded counter on Bursa Malaysia was Borneo Oil Bhd.

Across the region, stock markets were also heading southward with Japan's Nikkei 225 closing lower by 0.49%. China's Shanghai Stock exchange composite slumped by 0.91% while Hong Kong's Hang Seng Index slipped by 0.21%.

Reuters reported that Japanese shares slipped to a four-month low on Friday as rising tension in the Korean peninsula and other parts of the world soured investors' appetite.

Source: The Edge

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