KUALA LUMPUR: Asian markets extended their losses at mid-day after falling in early trade on Thursday, March 17 as Japan struggled to battle the aftermath of a devastating earthquake that has triggered what could possibly become the worst nuclear disaster since the Chernobyl incident in 1986.
Japan's economy seems to be in a state of almost suspended animation as its nuclear crisis shows no sign of ending, sorely testing analysts' hopes for a swift rebound led by reCONSTRUCTION [] efforts, according to Reuters.
Indeed, with trillions of yen wiped off share markets and a surging yen currency squeezing the all-important export sector, economists fear an extended slump is inevitable, it said.
The FBM KLCI fell 0.35% or 5.22 points to 1,487.22, weighed by losses at banking and blue chip stocks.
Losers led gainers by 491 to 141, while 199 counters traded unchanged. Volume was 474.92 million shares valued at RM666.08 million.
The ringgit weakened 0.41% to 3.0645 versus the US dollar; crude palm oil for the third month delivery fell RM23 per tonne to RM3,324, crude oil shed 11 cents per barrel to US$97.87 while gold fell US$6.18 per troy ounce to US$1,392.70.
At the regional markets, Japan's Nikkei 225 fell 2.17% to 8,896.76, Hong Kong's Hang Seng Index lost 1.79% to 22,294.31, Singapore's Straits Times Index fell 0.96% to 2,942.42, Taiwan's Taiex was down 0.83% to 8,255.85, South Korea's Kospi fell 0.62% to 1,945.92 and the Shanghai Composite Index gave up 0.51% to 2,915.98.
United PLANTATION []s was the top loser this morning and fell 64 sen to RM16.86; MTD Capital fell 32 sen to RM10.52, MSC and IJM Land 18 sen each to RM3.87 and RM2.65, Turiya 16.5 sen to 53.5 sen, LPI Capital and F&N 18 sen each to RM13.14 and RM15.50, HELP 13 sen to RM2.55 and BAT 12 sen to RM45.02.
Among banks, CIMB fell nine sen to RM7.91, RHB Capital and AMMB seven sen each to RM7.93 and RM6.22, Hong Leong Bank five sen to RM9.34 and Maybank four sen to RM8.66.
TECHNOLOGY []-related stocks also declined, with MPI down four sen to RM5.26, Unisem two sen to RM1.84, JCY International one sen to 59.5 sen and Notion Vtec down six sen to RM1.68.
Timber-related stocks were among the major gainers this morning on expectations of an increase in demand in the aftermath of Japan's earthquake.
Meanwhile, MIDF Research in a note March 17 said local timber companies will be the main beneficiary when Japans starts to rebuild the earthquake disaster areas as Malaysia is their largest plywood exporter accounting for 48% of Japan's total plywood.
Japan imports more than 50% of the total plywood for its consumption, it said.
Ta Ann surged 33 sen to RM5.31, Jaya Tiasa 30 sen to RM5.40, Lingui 13 sen to RM1.59, while WTK, which was the most actively traded counter with 18.5 million shares done, added 11 sen to RM1.65.
Other gainers included Subur Tiasa, Nestle, PPB, Kulim and MMSV.
Japan's economy seems to be in a state of almost suspended animation as its nuclear crisis shows no sign of ending, sorely testing analysts' hopes for a swift rebound led by reCONSTRUCTION [] efforts, according to Reuters.
Indeed, with trillions of yen wiped off share markets and a surging yen currency squeezing the all-important export sector, economists fear an extended slump is inevitable, it said.
The FBM KLCI fell 0.35% or 5.22 points to 1,487.22, weighed by losses at banking and blue chip stocks.
Losers led gainers by 491 to 141, while 199 counters traded unchanged. Volume was 474.92 million shares valued at RM666.08 million.
The ringgit weakened 0.41% to 3.0645 versus the US dollar; crude palm oil for the third month delivery fell RM23 per tonne to RM3,324, crude oil shed 11 cents per barrel to US$97.87 while gold fell US$6.18 per troy ounce to US$1,392.70.
At the regional markets, Japan's Nikkei 225 fell 2.17% to 8,896.76, Hong Kong's Hang Seng Index lost 1.79% to 22,294.31, Singapore's Straits Times Index fell 0.96% to 2,942.42, Taiwan's Taiex was down 0.83% to 8,255.85, South Korea's Kospi fell 0.62% to 1,945.92 and the Shanghai Composite Index gave up 0.51% to 2,915.98.
United PLANTATION []s was the top loser this morning and fell 64 sen to RM16.86; MTD Capital fell 32 sen to RM10.52, MSC and IJM Land 18 sen each to RM3.87 and RM2.65, Turiya 16.5 sen to 53.5 sen, LPI Capital and F&N 18 sen each to RM13.14 and RM15.50, HELP 13 sen to RM2.55 and BAT 12 sen to RM45.02.
Among banks, CIMB fell nine sen to RM7.91, RHB Capital and AMMB seven sen each to RM7.93 and RM6.22, Hong Leong Bank five sen to RM9.34 and Maybank four sen to RM8.66.
TECHNOLOGY []-related stocks also declined, with MPI down four sen to RM5.26, Unisem two sen to RM1.84, JCY International one sen to 59.5 sen and Notion Vtec down six sen to RM1.68.
Timber-related stocks were among the major gainers this morning on expectations of an increase in demand in the aftermath of Japan's earthquake.
Meanwhile, MIDF Research in a note March 17 said local timber companies will be the main beneficiary when Japans starts to rebuild the earthquake disaster areas as Malaysia is their largest plywood exporter accounting for 48% of Japan's total plywood.
Japan imports more than 50% of the total plywood for its consumption, it said.
Ta Ann surged 33 sen to RM5.31, Jaya Tiasa 30 sen to RM5.40, Lingui 13 sen to RM1.59, while WTK, which was the most actively traded counter with 18.5 million shares done, added 11 sen to RM1.65.
Other gainers included Subur Tiasa, Nestle, PPB, Kulim and MMSV.
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