Wednesday, June 23, 2010

Asian markets lower on weak Wall Street

KUALA LUMPUR: Weak housing data from the US and loss of exuberance over any yuan reform in China weighed on Asian markets, including Bursa Malaysia on Wednesday, June 23.

The overnight fall Wall Street after a late sell-off sent Asian markets into the red again in mid-morning.

Nikkei 225 -1.69% 9,942.19 Straits Times Index -0.66% 2,853.37 Shanghai Composite Index -0.61% 2,572.80 Kospi -0.27% 1,726.72 Hang Seng Index -0.5% 20,718.66 ''

At Bursa Malaysia, the FBM KLCI fell 2.01 points to 1,321.43 at 10am, dragged by losses including at Public Bank, Genting and Tenaga. Losers beat gainers by 191 to 96, while 137 counters traded unchanged. Volume was 141.81 million valued at RM144.03 million.

The ringgit also weakened 0.73% against the US dollar to 3.2265 per dollar.

Among the losers, Genting lost six sen to RM7.34, Tenaga five sen to RM8.39, Public Bank four sen to RM11.86 and Hartalega 10 sen to RM7.80. ''

Other decliners included F&N, Bina Puri, Tradewinds PLANTATION []s and PLB.

KFCH was the top gainer and added 87 sen to RM9.97 after MIDF Research reiterated its buy call on the stock and upped its target price to RM10.24 from RM8.95. It had also proposed a corporate exercise.

"We continue to like KFCH on its sound fundamentals, impressive double-digit ROE of 18.1% in average for the past three years and strong brand name," said MIDF Research.

QSR Brands, which has a 50.25% stake in KFCH, gained 14 sen to RM3.69.

Other gainers at mid-morning included Ingress, Latitude Tree, Heveaboard, Tasek, Sinotop and SP Setia.

Shin Yang Shipping Corp, which made its debut on the Main Market was the most actively traded with 32.4 million shares done. It was up one sen to RM1.11.

Other actives included Talam, Kenmark, Maxbiz, Genting Malaysia and Ingress.

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