Friday September 19, 2008
KLCI closes below 1,000 points for first time in two years
PETALING JAYA: The KL Composite Index (KLCI) dropped below the psychologically important 1,000-point mark for the first time in almost two years as worsening financial turmoil in the United States sapped global investors’ appetite.
Local sentiment was also bogged down by the domestic political impasse between the Government and the Opposition led by Datuk Seri Anwar Ibrahim, who is claiming that he has enough MPs to cross over to form a new Government.
At the close, the KLCI was down 11.33 points, or 1.1% to 991.66 points, but was off its lowest level of the day at 963 points.
Most Asian markets remained in negative territory yesterday despite a sharp turnaround towards the sessions’ close as news filtered in that central banks around the world were coordinating their efforts in a bid to restore confidence in embattled financial markets.
In Hong Kong, stocks reversed a 7% decline to close almost flat and in Singapore the main index clawed back from a 4% drop to almost unchanged.
European markets were up in early trade and in the United States, stock index futures were pointing towards a higher opening for the Dow Jones Industrial index.
US markets extended gains yesterday on a report showing an unexpected rise in a gauge of US midAtlantic factory activity in September. At the market opening, the Dow Jones industrial average rose 166.75 points to 10,776.41. However, by mid-day, the rally had fizzled out.
Stocks also got a boost as rising oil prices spurred buying in the energy sector. A liquidity injection into the financial system by central banks also helped a rebound in financial shares.
Newsflash:
Fresh hopes push KLCI above 1,000
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