Wednesday, August 25, 2010

FBM KLCI falls after eight-day rally

KUALA LUMPUR: The FBM KLCI fell on Wednesday, Aug 25, in line with key Asian markets as Japan's Nikkei average fell to its lowest in 16 months after the yen hit a 15-year high versus the dollar as dismal US housing data added to fears the global economic recovery would fizzle out.

The Nikkei stayed below 9,000, having broken below the level for the first time since May 1, 2009 the day before, according to Reuters.

The 9,000 to 9,100 area had been strong support since last year, and a break below that would likely feed downward momentum, market players said, with few technical targets to break the benchmark's fall, it said.

At the regional markets, Japan's Nikkei 225 fell 1% to 8,905.16, the Taiwan Taiex lost 1.55% to 7,817.69, the South Korean Kospi down 0.90% to 1,744.62, the Shanghai Composite Index down 0.29% to 2,643.15, the Singapore Straits Times Index shed 0.02% to 2,922.28 while the Hong Kong Hang Seng Index opened 0.3% lower at 20,601.39.

At Bursa Malaysia, the FBM KLCI fell 2.25 points to 1,403.52 at 10am. Losers beat gainers by 281 to 107, while 182 counters traded unchanged. Volume was 125.58 million shares valued at RM216.74 million.

Among the major losers at mid-morning, BAT fell 32 sen to RM44.30, Supermax lost 17 sen to RM5.06, Petronas Gas down 16 sen to RM10.24 and MISC fell 15 sen to RM10.58.

Meanwhile, Lay Hong fell 14 sen to RM1.58, KFCH erased its earlier gains and fell 12 sen to RM10.58, and Glenealy and Petronas Dagangan fell 10 sen each to RM4.50 and RM10.12.

Among the top gainers, Jetson rose 17 sen to RM1.31, BRDB added 10 sen to RM2.24, Genting gained nine sen to RM8.99, Maybank and Cocoaland up six sen each to RM8.18 and RM2.82 while Ibraco rose seven sen to RM1.02.

Tejari was the most actively traded counter with 8.2 million shares done. The stock fell half a sen to 27 sen.

Other actives included Genting, Axiata, Berjaya Corp, Genting Malaysia, Jetson and SIG Gases.

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