KUALA LUMPUR: Key Asian markets, including Bursa Malaysia extended their losses on Wednesday, June 30 after Wall Street fell overnight on growing fears of a weakening global economic outlook.
At Bursa Malaysia, the FBM KLCI clawed back, and managed to reduce some of its losses. At 10am, the benchmark index was down 7.44 points to 1,312.40. Losers led gainers by 260 to 73, while 160 counters traded unchanged. Volume was 96.28 million valued at RM123.2 million.
On Wall Street, the S&P 500 had tumbled below its 2010 intraday low of 1,040.78 during the session on Tuesday. The index closed at its lowest level since Oct 30, breaking its closing low for the year at 1,050.47 -- another bearish signal for markets.
The Dow Jones industrial average lost 268.22 points, or 2.65%, to 9,870.30. The Standard & Poor's 500 Index fell 33.33 points, or 3.10%, to 1,041.24. The Nasdaq Composite Index dropped 85.47 points, or 3.85%, to 2,135.18.
Nikkei 225 -2.13% 9,366.54, Shanghai's Composite Index -1.24% 2,397.32 Singapore's Straits Times Index -1% 2,802.08. Hang Seng Index -1.3% 19,985.72 Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in his daily technical outlook report on June 30 said that due to the USA's significantly weaker market action overnight, the FBM KLCI could be in a bearish mode today, with some late local nibbling activities that may cushion the initial fall.'' ''
The FBM KLCI had peaked at its previous high of 1,349.92, he said.
'Trading opportunities then emerged with the Bullish Engulfing candlestick low at 1,243.86 on 27 May 2010. With the bearish engulfing candlestick pattern formed yesterday, we believe that downside volatility will emerge for the FBM KLCI.
'We advise clients to remain cautious as the global news flow has turned negative and there is a plethora of bad news that will affect global equity markets,' said Lee.
Among the major losers this morning, BAT fell 88 sen to RM43.70, PPB down 30 sen to RM15.90, IOI Corp down 11 sen to RM4.96 while MISC lost nine sen to RM8.53.
Hong Leong Bank lost eight sen to RM8.55, Sime Darby fell six sen to RM7.96, Maybank down three sen to RM7.56 and CIMB two sen to RM7.02. Other losers included Hartalega, Chin Teck, Shell and Perstima.
Gainers included Amway, United Malacca, Aeon, Hai-O, Malaysian Mosaics and Faber.
The actives this morning included Green Packet's warrants, Kumpulan Europlus, Saag, MyEG, Unisem and Time.
At Bursa Malaysia, the FBM KLCI clawed back, and managed to reduce some of its losses. At 10am, the benchmark index was down 7.44 points to 1,312.40. Losers led gainers by 260 to 73, while 160 counters traded unchanged. Volume was 96.28 million valued at RM123.2 million.
On Wall Street, the S&P 500 had tumbled below its 2010 intraday low of 1,040.78 during the session on Tuesday. The index closed at its lowest level since Oct 30, breaking its closing low for the year at 1,050.47 -- another bearish signal for markets.
The Dow Jones industrial average lost 268.22 points, or 2.65%, to 9,870.30. The Standard & Poor's 500 Index fell 33.33 points, or 3.10%, to 1,041.24. The Nasdaq Composite Index dropped 85.47 points, or 3.85%, to 2,135.18.
Nikkei 225 -2.13% 9,366.54, Shanghai's Composite Index -1.24% 2,397.32 Singapore's Straits Times Index -1% 2,802.08. Hang Seng Index -1.3% 19,985.72 Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in his daily technical outlook report on June 30 said that due to the USA's significantly weaker market action overnight, the FBM KLCI could be in a bearish mode today, with some late local nibbling activities that may cushion the initial fall.'' ''
The FBM KLCI had peaked at its previous high of 1,349.92, he said.
'Trading opportunities then emerged with the Bullish Engulfing candlestick low at 1,243.86 on 27 May 2010. With the bearish engulfing candlestick pattern formed yesterday, we believe that downside volatility will emerge for the FBM KLCI.
'We advise clients to remain cautious as the global news flow has turned negative and there is a plethora of bad news that will affect global equity markets,' said Lee.
Among the major losers this morning, BAT fell 88 sen to RM43.70, PPB down 30 sen to RM15.90, IOI Corp down 11 sen to RM4.96 while MISC lost nine sen to RM8.53.
Hong Leong Bank lost eight sen to RM8.55, Sime Darby fell six sen to RM7.96, Maybank down three sen to RM7.56 and CIMB two sen to RM7.02. Other losers included Hartalega, Chin Teck, Shell and Perstima.
Gainers included Amway, United Malacca, Aeon, Hai-O, Malaysian Mosaics and Faber.
The actives this morning included Green Packet's warrants, Kumpulan Europlus, Saag, MyEG, Unisem and Time.
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