Friday, June 25, 2010

Most key Asian markets fall

KUALA LUMPUR: As expected, most key Asian markets fell in early trade on Friday, June 25, tracking overnight losses on Wall Street as investors feared stricter financial regulations.

At 10am, the FBM KLCI was down 1.92 points to 1,323.95. Turnover was 105.32 million shares valued at RM103.13 million. There were 105 gainers, 169 losers and 152 stocks unchanged.

Hwang DBS Vickers Research said after putting up a relatively resilient performance on Thursday,'' with the key FBM KLCI swinging sideways before losing 3.8 points at the closing bell, it expected Malaysian stocks to pull back further today.

"On the chart, the benchmark index could be on its way to test the immediate support level of 1,305," it said in a research note.

On Wall Street, selling pressures persisted overnight, causing major U.S. equity indices to drop between 1.4% and 1.7%.

The research house said essentially, investors got worried about: (a) possible financial regulation changes that might affect investment / trading activity; and (b) disappointing economic data.

Nikkei 225 -1.45% 9,784.76 Hang Seng Index -0.4% 20,646.85 Shanghai Composite Index -0.34% 2,558.13 Singapore Straits Times Index +0.19% 2,853.01 ''

At Bursa, BAT fell the most, down 16 sen to RM44.30, DiGi 12 sen to RM22.82, BToto 11 sen to RM4.37 while Bursa shed six sen to RM8.08. Sime lost five sen to RM8.08.

United Malacca was the top gainer, adding 15 sen to RM9.50 and CI Holdings 13 sen to RM2.53 while an upbeat outlook from Top Glove saw its share price climb 10 sen to RM13.10.

Kenmark was the most active, up 1.5 sen to 13 sen with 9.7 million shares done.

Gamuda-WD added five sen to RM1.15 in active trade.'' Hwang DBS Vickers Research expected Gamuda to attract buying interest ahead after announcing a robust set of financial results and revealing more details on the proposed mega MRT transportation project (which it is likely to secure) at an analyst briefing.

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