KUALA LUMPUR:'' Asian stock markets were mired in the red on Tuesday, Feb 22 as the unfolding revolt in Libya drove oil prices higher, and set off panic selling as investors feared that a spike in oil prices could stem global economic growth.
The FBM KLCI fell 0.80% or 12.22 points to 1,513.63, weighed by losses including at MALAYAN BANKING BHD [], IOI CORPORATION BHD [], CIMB Group Holdings Bhd and GENTING BHD [].
The year-to-date gains of the FBM KLCI have been erased, and it is now 0.35% in the red.
Market breadth was weak with 880 losers, 112 gainers and 169 counters trading unchanged. Volume was 1.74 billion shares valued at RM2.02 billion.
At the regional markets, the Shanghai Composite Index slumped 2.62% to 2,855.52, Hong Kong's Hang Seng Index fell 2.11% to 22,990.81, Taiwan's Taiex was down 1.87% to 8,673.67, Japan's Nikkei 225 fell 1.78% to 10,664.70, South Korea's Kospi Index lost 1.76% to 1,969.92 and Singapore's Straits Times Index lost 1.68% to 3,019.12.
MIDF Research head Zulkifli Hamzah said that although earnings of companies that had announced their results thus far have not disappointed, investors appeared to be cautious and are selling on news.
The fourth quarter numbers are already reflected in the share price and there is no major revision to earnings forecast that can be expected, he said.
'Having said that, the regional markets are rather weak today with all markets in the red. Japan's sovereign rating aside, the earthquake and the fall in New Zealand dollar, and the escalating tension in Libya and Bahrain are also not helping sentiments.
'We believe that equity is losing its luster a little bit in this short term,' he said.
Among the major losers on Bursa Malaysia, Maybank fell 12 sen to RM8.74, IOI Corp down 11 sen to RM5.48, CIMB nine sen to RM8.18, Genting 18 sen to RM10.40, Axiata Group Bhd and Petronas Chemicals Group Bhd five sen each to RM5.04 and RM6.21, while SIME DARBY BHD [] lost three sen to RM9.19.
AIRASIA BHD [] fell 22 sen to RM2.54 while MALAYSIAN AIRLINE SYSTEM BHD [] lost six sen to RM2.02 on soaring oil prices, in line with losses at regional airlines.
Gainers included United PLANTATION []s, Far East, Petronas Dagangan, Litrak, Guinness and TH Plantations.
HWGB was the most active with 56.33 million shares done. The stock was unchanged at 64.5 sen. Other actives included Karambunai, SAAG, Ramunia, Olympia and Tanco.
The FBM KLCI fell 0.80% or 12.22 points to 1,513.63, weighed by losses including at MALAYAN BANKING BHD [], IOI CORPORATION BHD [], CIMB Group Holdings Bhd and GENTING BHD [].
The year-to-date gains of the FBM KLCI have been erased, and it is now 0.35% in the red.
Market breadth was weak with 880 losers, 112 gainers and 169 counters trading unchanged. Volume was 1.74 billion shares valued at RM2.02 billion.
At the regional markets, the Shanghai Composite Index slumped 2.62% to 2,855.52, Hong Kong's Hang Seng Index fell 2.11% to 22,990.81, Taiwan's Taiex was down 1.87% to 8,673.67, Japan's Nikkei 225 fell 1.78% to 10,664.70, South Korea's Kospi Index lost 1.76% to 1,969.92 and Singapore's Straits Times Index lost 1.68% to 3,019.12.
MIDF Research head Zulkifli Hamzah said that although earnings of companies that had announced their results thus far have not disappointed, investors appeared to be cautious and are selling on news.
The fourth quarter numbers are already reflected in the share price and there is no major revision to earnings forecast that can be expected, he said.
'Having said that, the regional markets are rather weak today with all markets in the red. Japan's sovereign rating aside, the earthquake and the fall in New Zealand dollar, and the escalating tension in Libya and Bahrain are also not helping sentiments.
'We believe that equity is losing its luster a little bit in this short term,' he said.
Among the major losers on Bursa Malaysia, Maybank fell 12 sen to RM8.74, IOI Corp down 11 sen to RM5.48, CIMB nine sen to RM8.18, Genting 18 sen to RM10.40, Axiata Group Bhd and Petronas Chemicals Group Bhd five sen each to RM5.04 and RM6.21, while SIME DARBY BHD [] lost three sen to RM9.19.
AIRASIA BHD [] fell 22 sen to RM2.54 while MALAYSIAN AIRLINE SYSTEM BHD [] lost six sen to RM2.02 on soaring oil prices, in line with losses at regional airlines.
Gainers included United PLANTATION []s, Far East, Petronas Dagangan, Litrak, Guinness and TH Plantations.
HWGB was the most active with 56.33 million shares done. The stock was unchanged at 64.5 sen. Other actives included Karambunai, SAAG, Ramunia, Olympia and Tanco.
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