Tuesday, November 23, 2010

#Flash* KLCI skids 12 pts in late afternoon, Korean conflict

KUALA LUMPUR: The FBM KLCI skidded in late afternoon trade on Tuesday, Nov 23, down 12 points as investors turned jittery over the Ireland debt issue and the conflict in Korea.

The dollar and U.S. Treasuries rose and U.S. stock futures fell on Tuesday after a major exchange of artillery fire on the Korean peninsula.

The euro, stocks and commodities also fell as a bailout for Ireland failed to allay fears of a wider crisis, according to Reuters.

China's key stock index fell 1.9 percent to a six-week closing low on Tuesday, weighed by metals firms and miners, as investors already on edge from recent monetary tightening measures eyed a stronger dollar as a reason to sell heavily weighted commodity issues.

The Shanghai Composite Index closed at 2,828.3 points, trading well below its 250-day moving average, now at 2,886 points. It fell by more than 3% at one point in early afternoon trade.

The FBM KLCI fell 12.06 points to 1,491.14. Turnover was 727.88 million shares valued at RM1.18 billion.

Kulim fell the most, down 68 sen to RM11.98 as investors took profit from the strong run-up in several weeks as they were dissatisfied with Tan Sri Halim Saad's RM5.60 per share offer for QSR.

BAT fell 48 sen to RM44.68, DiGi 42 sen to RM24.38 and PPB 36 sen to RM18.44. HL Bank shed 21 sen to RM9.31.

No comments:

Post a Comment