KUALA LUMPUR (Nov 2): The FBM KLCI pared losses for a 2.88-point or 0.2% drop as investors bargain hunted for blue-chip stocks in the afternoon. The month of November is when Malaysia's July-September quarter corporate financial reporting starts in earnest.
At 5pm today, the KLCI closed at 1,741.05 points after hitting its intraday low at 1,739.80 points.
“Better third quarter results can provide a catalyst for the local market, which has lagged behind regional peers,” Areca Capital Sdn Bhd chief executive Danny Wong Teck Meng told theedgemarkets.com.
Across Bursa Malaysia, 2.91 billion shares valued at RM2.09 billion exchanged hands. Decliners led gainers by 474 to 329 respectively.
Elsewhere, Asian share markets closed mixed as strong earnings prospects lifted Japan’s Nikkei 225 by 0.53%. Hong Kong’s Hang Seng dipped 0.26% while South Korea’s Kospi slipped 0.4%.
Reuters reported that Japan's Nikkei share average extended its strong rally to top a new 21-year peak on Thursday, ahead of a long weekend, with investors piling into miners and companies such as Honda Motor and Sony on robust earnings prospects. Japanese markets will be closed for a national holiday on Friday.
Source: The Edge
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