KLCI ends down 0.3% at 1339.18 in thin volume, recovering from midday slump to 1331.21. Sharp falls in Chinese stock markets following a hike in stamp duty to cool speculative activity cited for market's weakness. Market breadth remained deeply negative with decliners thrashing gainers 729 to 190 but KLCI expected to hold 1330-1350 trading range. Investors were already cautious ahead of 1Q GDP data. The China factor just accelerated selling pressure as some investors expected the duty hike move to trigger a much larger correction. However, mild bargain hunting by local funds and a flight to more resilient plantation stocks helped to buffer falls, suggesting further declines may be muted.
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TODAY AYAM TALK
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