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Malaysia and Asian in Business Today

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KUALA LUMPUR – The FBM KLCI fell on Thursday as most key regional and European markets retreated on global growth concerns.

The FBM KLCI lost 3.96 points to 1,625.49. There were 478 losers and 289 gainers, while 341 counters traded unchanged. Volume was 1.28 billion shares valued at RM1.68 billion.

Asian shares slid on Thursday as a surprise rate cut from South Korea and an unexpected slump in Australian employment deepened worries about global economic growth, according to Reuters.

The news weighed on sentiment already hurt after minutes from a Federal Reserve meeting in June showed conditions may need to worsen before policymakers possibly buy more bonds to stimulate the US economy, as well by US corporate profit warnings and weak results in Europe that have fed expectations for a depressing earnings season, it said.

Meanwhile, European shares fell on Thursday, taking their cue from Wall Street and Asia which saw poor overnight showings after the minutes to the US Federal Reserve’s June meeting dampened hopes for fresh risk-asset-boosting stimulus in the near term, it said.

At the regional markets, Hon Kong Kong’s Hang Seng lost 2.03% to 19,025.11, South Korea’s Kospi fell 2.24% to 1,785.39, Taiwan’s Taiex lost 1.75% to 7,130.93 and Japan’s Nikkei 225 lost 1.48% to 8,720.01 and Singapore’s Straits Times Index xx

Meanwhile, the Shanghai Composite Index rose 0.46% to 2,185.49.

On Bursa Malaysia, Cybertowers lost 58 sen to RM1.36, Nestle fell 34 sen to RM57.56, Jaya Tiasa 24 sen to RM8.75, Genting 20 sen to RM9.60, Warisan 18 sen to RM2.50, Felda Global 16 sen to RM5.34, Boustead 15 sen to RM5.51, TDM and BAT down 14 sen each to RM4.61 and RM55.86, while Aeon Credit lost 12 sen to RM11.08.

Naim Indah Corp was the most actively traded counter with 113.65 million shares traded. The stosk fell 1.5 sen to 34 sen.

Other actives included Harvest Court, Astral Supreme, CSL, Axiata, Focus, KHSB, JAKS, and GPRO.

The gainers included Takaful, SAM Engineering, GAB, Hing Yap, Pharmaniaga, Subur Tiasa, Deleum, Adventa and Tasek . –

By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia