KUALA LUMPUR: The FBM KLCI fell sharply on Friday, Oct 15, ahead of the tabling of Budget 2011 and in line with the overnight decline at Wall Street as US stocks fell on worries of the strength of the world's biggest economy.
Key Asian stock markets traded cautiously after Wall Street ended lower on Thursday, dragged by banking stocks, as investors fretted that a widening foreclosure crisis could undermine the market's recent strength, according to Reuters.
The situation was further compounded by rising unemployment in the US as the Dept of Labour reported that in the week ending Oct 9, the advance figure for seasonally adjusted initial claims was 462,000, an increase of 13,000 from the previous week's revised figure of 449,000.
The 4-week moving average was 459,000, an increase of 2,250 from the previous week's revised average of 456,750. On Bursa Malaysia, the 30-stock FBM KLCI fell 9.47 points to 1,486.91, dragged by losses at banking stocks and key blue chips.
Gainers trailed losers by 115 to 310, while 221 counters traded unchanged. Volume was 197.58 million shares valued at RM292.24 million.
BAT was the top loser ahead of Budget 2011 to be unveiled later today in anticipation that "sin taxes" would be raised. The stock fell 50 sen to RM48.02.
Petronas Gas fell 50 sen to RM11, DiGi.Com lost 28 sen to RM24.52, Bursa Malaysia down 17 sen to RM8.46, Genting PLANTATION []s fell 16 sen to RM8.33, Top Glove lost 13 sen to RM5.44 and KL Kepong fell 12 sen to RM18.88.
Among banking stocks, Maybank fell 12 sen to RM8.90 while CIMB and AMMB lost nine sen each to RM7.91 and 5.91.
CypARK RESOURCES BHD [] made a lackluster debut on the Main Market of Bursa Malaysia and was down six sen to RM1.94 with 10.54 million shares done.
Infotec was the most actively traded counter with 22.6 million shares done. The stock fell one sen to 17 sen. Other actives included Maybank, Nam Fatt, Timecom, Leweko and CIMB.
The top gainer at mid-morning was Batu Kawan that rose 72 sen to RM14.26; Nestle gained 60 sen to RM44.60, Fima Corp and Uzma rose 16 sen each to RM5.06 and RM1.65. United Malacca added 12 sen to RM11.30, HPI Resources up 10 sen to RM1.94 while Hartalega and Amway added six sen each to RM5.31 and RM8.15.
At the regional markets, Japan's Nikkei 225 fell 0.72% to 9,514.71, the Shanghai Composite Index lost 0.27% to 2,871.95, the South Korean Kospi shed 0.02% to 1,899.44 and Hong Kong's Hang Seng Index opened 0.6% lower at 23,715.95. Meanwhile, Singapore's Straits Times Index rose 0.37% to 3,206.70 and Taiwan's Taiex added 0.05% to 8,219.21.
Key Asian stock markets traded cautiously after Wall Street ended lower on Thursday, dragged by banking stocks, as investors fretted that a widening foreclosure crisis could undermine the market's recent strength, according to Reuters.
The situation was further compounded by rising unemployment in the US as the Dept of Labour reported that in the week ending Oct 9, the advance figure for seasonally adjusted initial claims was 462,000, an increase of 13,000 from the previous week's revised figure of 449,000.
The 4-week moving average was 459,000, an increase of 2,250 from the previous week's revised average of 456,750. On Bursa Malaysia, the 30-stock FBM KLCI fell 9.47 points to 1,486.91, dragged by losses at banking stocks and key blue chips.
Gainers trailed losers by 115 to 310, while 221 counters traded unchanged. Volume was 197.58 million shares valued at RM292.24 million.
BAT was the top loser ahead of Budget 2011 to be unveiled later today in anticipation that "sin taxes" would be raised. The stock fell 50 sen to RM48.02.
Petronas Gas fell 50 sen to RM11, DiGi.Com lost 28 sen to RM24.52, Bursa Malaysia down 17 sen to RM8.46, Genting PLANTATION []s fell 16 sen to RM8.33, Top Glove lost 13 sen to RM5.44 and KL Kepong fell 12 sen to RM18.88.
Among banking stocks, Maybank fell 12 sen to RM8.90 while CIMB and AMMB lost nine sen each to RM7.91 and 5.91.
CypARK RESOURCES BHD [] made a lackluster debut on the Main Market of Bursa Malaysia and was down six sen to RM1.94 with 10.54 million shares done.
Infotec was the most actively traded counter with 22.6 million shares done. The stock fell one sen to 17 sen. Other actives included Maybank, Nam Fatt, Timecom, Leweko and CIMB.
The top gainer at mid-morning was Batu Kawan that rose 72 sen to RM14.26; Nestle gained 60 sen to RM44.60, Fima Corp and Uzma rose 16 sen each to RM5.06 and RM1.65. United Malacca added 12 sen to RM11.30, HPI Resources up 10 sen to RM1.94 while Hartalega and Amway added six sen each to RM5.31 and RM8.15.
At the regional markets, Japan's Nikkei 225 fell 0.72% to 9,514.71, the Shanghai Composite Index lost 0.27% to 2,871.95, the South Korean Kospi shed 0.02% to 1,899.44 and Hong Kong's Hang Seng Index opened 0.6% lower at 23,715.95. Meanwhile, Singapore's Straits Times Index rose 0.37% to 3,206.70 and Taiwan's Taiex added 0.05% to 8,219.21.
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