Wednesday, August 25, 2010

KLCI snaps 8 straight days of gains

KUALA LUMPUR: Blue chips snapped their eight straight day of gains on Wednesday, Aug 25, as bearish external news and worries of slowing economic growth in the US weighed down sentiment.

Glove makers fell on concerns a stronger ringgit could impact their exports in the short-term.

Analysts also said the weakening broader market in recent days, despite the late buying on key stocks, had already reflected the cautious mood.

At Bursa Malaysia, the FBM KLCI fell 8.8 points on 0.63% on late selling, pushing the 30-stock index down to end the day at 1,396.97. Turnover was 873 million shares valued at RM1.73 billion. The broader market saw declining stocks beating advancers 585 to 186 while 268 stocks were unchanged.

Crude palm oil futures fell RM20 to a near one-month low of RM2,490. Light crude oil rose eight sen to US$71.71.

Among key Asian markets, Taiwan's Taiex fell the most, down 2.56% to 7,736.96 while Japan's Nikkei shed 1.66% to 8,845.39, Hong Kong's Hang Seng Index shed 0.11% to 20,634.98 but Singapore's Straits Times Index inched up 0.13% to 2,926.55.

Meanwhile, European stocks lost ground on Wednesday morning, adding to the previous session's sell-off on mounting economic fears and after Standard & Poor's cut Ireland's credit ratings.

At Bursa Malaysia, BAT fell the most, down 76 sen to RM43.86 in late selling with 22,100 shares done. Lafarge Cement lost 16 sen to RM6.95 while RHB Cap, HELP and MISC shed 15 sen each to RM6.58, RM3.85 and RM8.75 respectively.

Among glove makers, Hartalega lost 20 sen to RM7.63, Supermax and Latexx-WA 16 sen each to RM5.07 and RM2.65.

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