KUALA LUMPUR: The FBM KLCI extended its losses on Friday, March 11 in line with the decline at key regional markets following the overnight tumble at Wall Street.
Asian shares fell on Friday as weak US economic data and unrest in Saudi Arabia prompted investors to sell riskier assets, while the euro looked shaky after its biggest one-day fall against the dollar in a month, according to Reuters.
Increased demand for safe haven assets pushed Treasuries and precious metals higher after Saudi police fired in the air to disperse protesting Shi'ites, reviving fears of possible supply disruptions from the world's top oil exporter, it said.
The FBM KLCI fell 0.99% or 14.96 points to 1,501.95 at mid-morning. Losers thumped gainers by 384 to 48, while 119 counters traded unchanged. Volume was 205.90 million shares valued at RM235.67 million.
At the regional markets, Japan's Nikkei 225 fell 0.83% to 10,347.34, Hong Kong's Hang Seng Index lost 0.67% to 23,455.71, South Korea's Kospi fell 1.56% to 1,950.65, Taiwan's Taiex was down 0.88% to 8,566.79, Singapore's Straits Times Index fell 0.73% to 3,052.99 while the Shanghai Composite Index shed 0.06% to 2,955.29.
MIDF Research head Zulkifli Hamzah said the fall in the market was expected after the overnight bloodbath in Europe and the US.
However, he pointed out that foreign investors had been picking up stocks on Bursa Malaysia.
They turned net buyers on Friday last week, the first time since January, and continued to be net buyers on Tuesday and Wednesday, he said in a note March 11.
He said the market was likely to be subdued today after Moody's downgraded Spain and the Dow closed below the psychological 12,000 points.
'We are not unduly concerned over Spain's downgrade. It is down one notch and but is still rated at Aa2.
'We are more concerned of other countries such as Ireland and Greece, should crude oil continues to rise. The investment angle is the foreign buying trend,' he said.
Among the major losers in early trade, KLK fell 26 sen to RM20.62, Batu Kawan lost 16 sen to RM15.22, Cepco 15 sen to RM1.90, Genting 14 sen to RM10.12, YTL Cement 13 sen to RM4.80, while IOI Corp, YTL Corp and S P Setia fell 12 sen each to RM5.59, RM7.19 and RM6.25 respectively.
Gainers in early trade included JT International that rose 40 sen to RM7, Nestle 38 sen to RM45.40, HELP 20 sen to RM2.73, while Plenitude and AZRB added six sen each to RM2.14 and 91 sen.
The actives included Borneo Oil, Petronas Chemicals, Sumatec, Ramunia, Perisai and Scomi.
Asian shares fell on Friday as weak US economic data and unrest in Saudi Arabia prompted investors to sell riskier assets, while the euro looked shaky after its biggest one-day fall against the dollar in a month, according to Reuters.
Increased demand for safe haven assets pushed Treasuries and precious metals higher after Saudi police fired in the air to disperse protesting Shi'ites, reviving fears of possible supply disruptions from the world's top oil exporter, it said.
The FBM KLCI fell 0.99% or 14.96 points to 1,501.95 at mid-morning. Losers thumped gainers by 384 to 48, while 119 counters traded unchanged. Volume was 205.90 million shares valued at RM235.67 million.
At the regional markets, Japan's Nikkei 225 fell 0.83% to 10,347.34, Hong Kong's Hang Seng Index lost 0.67% to 23,455.71, South Korea's Kospi fell 1.56% to 1,950.65, Taiwan's Taiex was down 0.88% to 8,566.79, Singapore's Straits Times Index fell 0.73% to 3,052.99 while the Shanghai Composite Index shed 0.06% to 2,955.29.
MIDF Research head Zulkifli Hamzah said the fall in the market was expected after the overnight bloodbath in Europe and the US.
However, he pointed out that foreign investors had been picking up stocks on Bursa Malaysia.
They turned net buyers on Friday last week, the first time since January, and continued to be net buyers on Tuesday and Wednesday, he said in a note March 11.
He said the market was likely to be subdued today after Moody's downgraded Spain and the Dow closed below the psychological 12,000 points.
'We are not unduly concerned over Spain's downgrade. It is down one notch and but is still rated at Aa2.
'We are more concerned of other countries such as Ireland and Greece, should crude oil continues to rise. The investment angle is the foreign buying trend,' he said.
Among the major losers in early trade, KLK fell 26 sen to RM20.62, Batu Kawan lost 16 sen to RM15.22, Cepco 15 sen to RM1.90, Genting 14 sen to RM10.12, YTL Cement 13 sen to RM4.80, while IOI Corp, YTL Corp and S P Setia fell 12 sen each to RM5.59, RM7.19 and RM6.25 respectively.
Gainers in early trade included JT International that rose 40 sen to RM7, Nestle 38 sen to RM45.40, HELP 20 sen to RM2.73, while Plenitude and AZRB added six sen each to RM2.14 and 91 sen.
The actives included Borneo Oil, Petronas Chemicals, Sumatec, Ramunia, Perisai and Scomi.
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