KUALA LUMPUR: The FBM KLCI extended its losses at mid-morning on Monday, March 14 in line with the weaker trade at key regional markets in the aftermath of the devastating earthquake last Friday in Japan.
Japanese stocks were down more than five percent in early trade while the yen rose in volatile trade as the country battled to prevent a nuclear catastrophe after the earthquake and tsunami feared to have killed more than 10,000 people, according to Reuters.
The FBM KLCI fell for the third consecutive day, and was down 4.14 points to 1,491.48 at mid-morning. ''However, the index managed to pare down its losses after having fallen to a low of 1,480.53 in early trade.
Losers led gainers by 297 to 133, while 174 counters traded unchanged. Volume was 185 million shares valued at RM170.91 million.
At the regional markets, Japan's Nikkei 225 fell 4.53% to 9,789.55, Hong Kong's Hang Seng Index was down 0.62% to 23,105.49, Singapore's Straits Times Index fell 0.42% to 3,030.83, Taiwan's Taiex lost 0.43% to 8,530.84, the Shanghai Composite Index shed 0.29% to 2,925.26 while South Korea's Kospi edged up 0.07% to 1,956.98.
Maybank Investment Bank Bhd Research 's Wong Chew Hann in a note March 14 said the FBM KLCI would remain weak as it awaits the assessment of last Friday's deadly earthquake and tsunami, and its impact on the Japanese economy.
The possibility of a nuclear disaster that could push crude oil and commodity prices up to new highs pose new downside risks, she said.
'Amidst the gloom, Malaysia's fundamentals stay intact, being a net oil exporter and with the ETP in full force to drive growth. We reiterate our domestic focused strategy.
'Timber stocks may receive a lift in anticipation of Japan's rebuilding efforts for housing,' said Wong.
Among the losers on Bursa Malaysia in early trade, Nestle fell 78 sen to RM45; BAT lost 44 sen to RM45.16, Genting PLANTATION []s 27 sen to RM7.60, PPB'' and F&N lost 22 sen each to RM16.50 and RM15.48, Panasonic 20 sen to RM19.30, Aeon 13 sen to RM5.87 while Atlan, MAHB and KLK fell 12 sen each to RM3.26, RM5.95 and RM20.54 respectively.
Berjaya Retail Bhd shares were actively trade after Pemier Merchandise Sdn Bhd (PMSB), which controls 58.71% of the company issued notice to take it private at 65 sen per share.
The stock added 21 sen to 63.5 sen with 20.7 million shares done.
Meanwhile, timber-related stocks also advanced on expectation of an increase of demand for timber products following the earthquake in Japan.
Jaya Tiasa was up 20 sen to RM5.05, Ta Ann added 15 sen to RM4.91 while WTK was up nine sen to RM1.35.
Other gainers included Petronas Chemicals, HPI, Coastal Contracts and Mutiara.
Japanese stocks were down more than five percent in early trade while the yen rose in volatile trade as the country battled to prevent a nuclear catastrophe after the earthquake and tsunami feared to have killed more than 10,000 people, according to Reuters.
The FBM KLCI fell for the third consecutive day, and was down 4.14 points to 1,491.48 at mid-morning. ''However, the index managed to pare down its losses after having fallen to a low of 1,480.53 in early trade.
Losers led gainers by 297 to 133, while 174 counters traded unchanged. Volume was 185 million shares valued at RM170.91 million.
At the regional markets, Japan's Nikkei 225 fell 4.53% to 9,789.55, Hong Kong's Hang Seng Index was down 0.62% to 23,105.49, Singapore's Straits Times Index fell 0.42% to 3,030.83, Taiwan's Taiex lost 0.43% to 8,530.84, the Shanghai Composite Index shed 0.29% to 2,925.26 while South Korea's Kospi edged up 0.07% to 1,956.98.
Maybank Investment Bank Bhd Research 's Wong Chew Hann in a note March 14 said the FBM KLCI would remain weak as it awaits the assessment of last Friday's deadly earthquake and tsunami, and its impact on the Japanese economy.
The possibility of a nuclear disaster that could push crude oil and commodity prices up to new highs pose new downside risks, she said.
'Amidst the gloom, Malaysia's fundamentals stay intact, being a net oil exporter and with the ETP in full force to drive growth. We reiterate our domestic focused strategy.
'Timber stocks may receive a lift in anticipation of Japan's rebuilding efforts for housing,' said Wong.
Among the losers on Bursa Malaysia in early trade, Nestle fell 78 sen to RM45; BAT lost 44 sen to RM45.16, Genting PLANTATION []s 27 sen to RM7.60, PPB'' and F&N lost 22 sen each to RM16.50 and RM15.48, Panasonic 20 sen to RM19.30, Aeon 13 sen to RM5.87 while Atlan, MAHB and KLK fell 12 sen each to RM3.26, RM5.95 and RM20.54 respectively.
Berjaya Retail Bhd shares were actively trade after Pemier Merchandise Sdn Bhd (PMSB), which controls 58.71% of the company issued notice to take it private at 65 sen per share.
The stock added 21 sen to 63.5 sen with 20.7 million shares done.
Meanwhile, timber-related stocks also advanced on expectation of an increase of demand for timber products following the earthquake in Japan.
Jaya Tiasa was up 20 sen to RM5.05, Ta Ann added 15 sen to RM4.91 while WTK was up nine sen to RM1.35.
Other gainers included Petronas Chemicals, HPI, Coastal Contracts and Mutiara.
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