Thursday, July 15, 2010

Key Asian markets down at mid-morning

KUALA LUMPUR: Asian stocks mostly fell on Thursday, July 15 after the US Federal Reserve minutes suggested additional measures may be needed for the economy, stoking worries of that the pace of recovery of the US economy could be slowing down.

Further, the Agricultural Bank of China (AgBank) rose only marginally in the first minutes of its historic debut in Shanghai on Thursday, underscoring the difficult time that may lie ahead for a market that will be asked to absorb more big fundraisings by banks, according to Reuters.

AgBank's debut caps off years of planning and preparation, completing its transformation from technical insolvency to a sprawling giant with assets of around US$1.2 trillion (RM3.85 trillion) and a customer base of 320 million ' larger than the population of the United States, it said.

At the regional markets, Japan's Nikkei 225 fell 1.03% to 9,694.67, the Shanghai Composite Index down 0.76% to 2,451.64, the South Korean Kospi Index fell 0.41% to 1,750.78, Singapore's Straits Times Index down 0.17% to 2,947.65 and the Taiwan Taiex Index slipped 0.09% to 7,7067.67.

The Hong Kong Hang Seng Index opened 0.2% higher at 20,607.79.

At Bursa Malaysia, the FBM KLCI fell 3.81 points to 1,337.27 at 10am, dragged by losses including at the Genting group, Axiata, CIMB and Tenaga.

Losers led gainers by 194 to 112 while 185 counters traded unchanged. Volume was 128.75 million shares valued at RM128.5 million.

Among the major losers, Genting fell nine sen to RM7.39 and Genting Malaysia lost three to RM2.73 on reports that a US state Supreme Court judge ordered a halt to the latest Aqueduct bidding process.

The New York Business reported that a state Supreme Court judge ordered a halt to the latest Aqueduct bidding process so he can consider a developer's lawsuit against the state for rescinding its lucrative racino contract.

YTL Corp fell five sen to RM7.43, Berjaya Sports Toto and Public Bank lost four sen each to RM4.18 and RM12, while CIMB and Tenaga fell two sen each to RM7.11 and RM8.59.

Other losers included APM Automotive, Ireka, Handal and Kulim.

Jetson, which could become embroiled in a possible boardroom tussle, was among the top gainers at mid-morning. Jetson's jumped 32 sen to RM1.43 with 8.12 million shares done. Meanwhile, its warrants gained 30 sen to 68 sen and loan stocks up 29 sen to RM1.40.

F&N rose 30 sen to RM13.90, KFCH continued to climb and added 22 sen to RM11.14, LPI Capital up 18 sen to RM17.80 while Keck Seng gained 16 sen to RM5.36.

Timecom was the most actively traded counter with 13.99 million shares done. The stock added half a sen to 52.5 sen. Other actives included Jetson, Kimlun, Titan, KNM, Nam Fatt and Time.

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