Wednesday, August 25, 2010

FBM KLCI slips, but stays above 1,400

KUALA LUMPUR: Asian stocks, including Malaysian equities, fell on Wednesday, Aug 25, with Japan's Nikkei 225 hitting its lowest level in 16 months after the yen hit a 15-year high versus the dollar. Taiwan's Taiex was the worst performer.

US stocks fell on Tuesday after an unexpected plunge in existing home sales amplified fears that the economy could be sliding into a prolonged period of stagnation or even recession.

In Tokyo, the Nikkei 225 briefly fell more than 2%, as disappointment spread in the market over a lack of Japanese policy action to rein in the strong yen, which threatens a fragile economic recovery, according to Reuters.

Taiwan's Taiex -2.52% 7,740.83 Nikkei 225 -1.73% 8,839.33 Shanghai Composite Index -0.99% 2,623.94 South Korean Kosp -0.96% 1,743.71 Hang Seng Index -0.24% 20,608.86 Singapore Straits Times Index -0.02% 2,922.22 ''


Crude palm oil third-month futures fell RM9 to RM2,501, the lowest since July 28. Light crude oil gained 12 sen to US$71.75.

At Bursa Malaysia, the FBM KLCI fell 5.19 points to 1,400.58 at the mid-day break, dragged by losses including at Axiata, Genting Malaysia, MISC, CIMB, Sime Darby and Petronas Gas.

Market breadth was negative with losers thumping gainers 561 to 117, while 213 counters traded unchanged. Volume was 402.61 million shares valued at RM699.92 million

Among the key 30-stocks of the FBM KLCI, MISC fell 15 sen to RM8.75, Genting Malaysia down 13 sen to RM2.94, Petronas Gas fell 12 sen to RM10.28, Axiata fell six sen to RM4.44 while CIMB and Sime Darby lost four sen each to RM7.87 and RM7.83.

Metrod fell 30 sen to RM3.50, F&N and KFCH lost 24 sen each to RM14.30 and RM10.46, RHB Capital fell 15 sen to RM6.58 and BHIC 13 sen to RM4.38.

Among glove makers, Supermax fell 23 sen to RM5, Latexx-WA lost 22c to RM2.59, Hartalega down 19 sen to RM7.64 and Kossan eight sen to RM3.37.

Among the gainers, Putrajaya Perdana added 35 sen to RM4.20, Jetson advanced 20 sen to RM1.34, Cocoaland up 14 sen to RM2.90, Far East gained 10 sen to RM6.80 and Dutch Lady rose eight sen to RM14.68.

Tejari was the most actively traded counter this morning with 14.1 million shares done. The counter fell two sen to 25.5 sen.

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