Friday 29 Mar 2024
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KUALA LUMPUR (Nov 23): The FBM KLCI rose 0.26 point to close at 1,695.88 today after China's share drop hit Asian market sentiment. World markets took cue from China shares amid global trade war and economic growth concerns.

At Bursa Malaysia, the KLCI closed at 1,695.88 at 5pm after the index fell to its intraday low at 1,689.14.

In China, the Shanghai Stock Exchange Composite fell 2.49% while Hong Kong's Hang Seng dropped 0.35%. Elsewhere across Asia, South Korea's Kospi was 0.6% lower while Japan markets were closed for the Labour Thanksgiving Day holiday.

On Malaysia, FXTM research analyst Lukman Otunuga wrote in a note today: "Trade tensions and concerns over slowing global growth may create headwinds while higher US interest rates could accelerate capital outflows."

Reuters reported that steep losses in Chinese share markets dented Asian equities on Friday as lingering trade war tensions and weak corporate earnings in Europe added to worries about global growth. It was reported that with US markets closed overnight for Thanksgiving and Japan on holiday on Friday, early trading lacked direction until the sell-off in China brought on more pain for stock investors in the region.

It was reported that China's markets have been mired in a slump as the country's trade war with the US has exacerbated worries about slowing growth.

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