Tuesday, November 30, 2010

KLCI falls, regional markets slide as risk aversion rises

KUALA LUMPUR: The FBM KLCI closed sharply lower as selling accelerated in late afternoon on Tuesday, Nov 30, in line with the decline at key regional markets as investors stayed away from the riskier equities on mounting concerns over Europe's debt woes.

Negative newsflow from Japan, China and Hong Kong added to the cautious sentiment, which saw the FBM KLCI close down 0.72% or 10.72 points at 1,485.23 on Tuesday, Nov 30. Gainers trailed losers by 299 to 465, while 259 counters traded unchanged. Volume was 1.02 billion shares valued at RM2.06 billion.

Worries about the weaker market outlook saw key blue chips coming under some selling pressure, including Maybank, Genting, CIMB, Public Bank, DiGi and BAT.

At the regional markets, Japan's Nikkei 225 tumbled 1.87% to 9,937.04, the Shanghai Composite Index lost 1.61% to 2,820.18, Hong Kong's Hang Seng Index fell 0.68% to 23,007.99, Singapore's Straits Times Index fell 0.43% to 3,144.70 while Taiwan's Taiex added 0.06% to 8,372.48 and South Korea's Kospi rose 0.48% to 1,904.63.

Japanese companies cut production for the fifth month and by the biggest margin since February 2009, while South Korea's industrial output fell for the third month in a row.

China's key stock index fell 1.6% to close at a seven-week low, weighing on Hong Kong , as tight liquidity in the domestic money market and fears of more central bank policy tightening prompted retail investors to sell heavily weighted financial and resource stocks.

On Bursa Malaysia, the decliners included BAT, which fell 72 sen to RM44.26; Lafarge 38 sen to RM7.52, PPB 30 sen to RM17.88, BLD PLANTATION []s 28 sen to RM4.81 and Parkson 25 sen to RM5.50.

DiGi fell 20 sen to RM24.46, Maybank 17 sen to RM8.51, Genting 12 sen to RM10.10 while CIMB, Public Bank and Gamuda fell four sen each to RM8.44, RM12.80 and RM3.69 respectively.

QSR lost 33 sen to RM5.93, QSR-WB 27 sen to RM2.87 after the company and its parent, Kulim spurned two offers to acquire QSR shares at RM6.70 each. KFC lost six sen to RM3.88. However, Kulim staged a rebound to end six sen higher at RM12.14 after falling to a low of RM11.70 in intra-day trade.




Petronas Chemicals was the most actively traded counter with 54.33 million shares done. The stock fell five sen to RM5.35.

Gainers included Tasek, MTD, Nestle, Hap Seng, KLK, MAHB, Aeon, Sunway City and Dutch Lady.

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