Thursday, October 21, 2010

Asian markets turn cautious on China economic slowdown

KUALA LUMPUR: Asian markets, including Bursa Malaysia eased off a little after China reported that its economic growth in the third quarter slowed down and inflation edged up slightly higher.

China's economic growth slowed to 9.6% in the third quarter from a year earlier, down from 10.3% in the second quarter, while inflation rose in September to 3.6%, reaching a 23-month high.

At the mid-day break on Bursa Malaysia, the 30-stock FBM KLCI was up 0.23% or 3.37 points to 1,490.15, lifted by gains including at CIMB, Gamuda, MISC and Genting.

Gainers led losers by 394 to 282, while 296 counters traded unchanged. Volume was 848.43 million shares valued at RM854.41 million.

The ringgit strengthened 0.09% to 3.1150 against the greenback; crude palm oil for the third month delivery rose RM15 per tonne to RM2,999, crude oil slipped 52 US cents per barrel to US$82.02 (RM255.08) while gold fell US$4.10 an ounce to US$1,342.15.

Among the gainers, CIMB, MISC and Genting rose four sen each to RM7.93, RM8.62 and RM10.56 respectively, MAS and YTL Corp added 11 sen each to RM2.33 and RM7.96, Gamuda gained six sen to RM3.87 while Genting Malaysia was up three sen to RM3.54.

Other gainers include Ibraco, GUINNESS ANCHOR BHD [], Genting PLANTATION []s, DiGi, KPJ, Press Metal and Tasek.

BAT was the top loser Thursday morning and fell 44 sen to RM47.56; Ewein and Masterskill fell 10 sen each to 80 sen and RM3.21, DFZ Capital fell eight sen to RM3.51; CBIP, EON Capital and Tan Chong fell seven sen each to RM3.38, RM6.94 and RM5.38 respectively, while Aliran Ihsan Resources and Glenealy lost six sen each to RM1.68 and RM5.14.

Karambunai was the most actively traded counter with 71.5 million shares done. The stock was unchanged at 23.5 sen. Other actives included SAAG, Compugates, Timecom, Gula Perak and Berjaya Corp.

At the regional markets, the Shanghai Composite Index fell 1.3% to 2,964.97, Singapore's Straits Times Index lost 0.53% to 3,162.28, the South Korean Kospi lost 0.22% to 1,866.33 and Hong Kong's Hang Seng Index shed 0.07% to 23,540.47. Meanwhile, Japan's Nikkei 225 rose 0.04% to 9,385.59 and Taiwan's Taiex added 0.22% to 8,142.34.


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