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Wednesday, November 8, 2017

Market Daily Report: KLCI slips on profit taking as China export growth slows

KUALA LUMPUR (Nov 8): The FBM KLCI closed 6.74 points or 0.4% lower
on profit taking and after China announced October export growth slowed to 6.9% from a year earlier.

At Bursa Malaysia, the KLCI closed at 1,744.2 points at 5pm. Investors took profit today after the index rose 8.65 points yesterday to 1,750.94 points.

AmInvestment Bank Bhd research analyst Lim Sae Wai told that Malaysian companies' quarterly earnings announcements had not been able to sustain the KLCI's uptick.

“The KLCI needed a few more points to break (the) resistance. While technical indicators provide a slight bearish view, we can give it more time to see which direction the market is heading to," Lim said.

Across Bursa Malaysia, decliners led gainers by 443 against 342 respectively. A total of 2.6 billion shares valued at RM2.14 billion changed hands.

Top decliner was Petronas Dagangan Bhd followed by Petronas Gas Bhd.

China's latest external trade numbers could have also affected global share-trade sentiment.
Reuters reported that China's October exports lagged market expectations, rising 6.9 percent from a year earlier while imports beat forecasts, growing 17.2 percent, official data showed on Wednesday.

Analysts polled by Reuters had expected October shipments from the world's largest exporter to have risen 7.2 percent, slower than the 8.1 percent in the previous month.

Source: The Edge

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