KUALA LUMPUR: A better-than-expected GDP data in the third quarter helped the local stock market to pare its losses on Friday, while Hong Leong Capital, which resumed trading after a five-year suspension, managed to regain some ground.
At 5pm, the FBM KLCI was down just 1.09 points or 0.07% to 1,589.69. Turnover was robust with 12.58 billion shares done valued at RM4.60. The broader market was slightly firmer as advancers led decliners 650 to 531 and 450 counters unchanged.
Malaysia’s economy in the third quarter contracted at a smaller pace of 2.7% in the third quarter ended Sept 30,2020 compared with the 17.1% plunge in the second quarter. The 2.7% decline was better than consensus expectation of a 3.7% contraction.
For 2020, Malaysia will be in a recession, contracting between 3.5% and 5.5%, before expanding between 6.5% and 7.5% next year.
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