FBM KLCI slips further on weak China factory data, US bill vote

TheStar Wed, May 31, 2023 12:52pm - 10 months View Original


KUALA LUMPUR: Bursa Malaysia fell further below the 1,400-point support-turned-resistance as weak factory data coming out of China raised concerns over the strength of the economic recovery.

Asian markets are poised for a second month of losses after data showed the Chinese manufacturing purchasing managers' index contracted at a faster pace than expected to 48.2 in May on weakening demand.

Compounding the negative sentiment was worries hardline US Republicans could derail a bipartisan deal aimed at lifting the debt ceiling during a House vote scheduled for Wednesday.

At 12.30pm, Malaysia's benchmark FBM KLCI was down 3.63 points to 1,393.28. The market breadth remained negative with 453 decliners compared with 295 gainers.

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Comments

Ah Choon Wong
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China’s PMI at 48.8in May, which is very bad for manufacturing sector in the coming second quarter….especially the tech.sector whereby China was the largest importer of Chips…….

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