KUALA LUMPUR: The FBM KLCI remained in negative territory at the mid-day break on Monday, March 7 in line with most regional markets as the spike in crude oil prices and escalating tensions in the Mid-east and North African kept investors much on the sidelines.
The FBM KLCI fell 0.58% or 8.88 points to 1,513.73, weighed by banking and blue chip stocks, while airline stocks also fell due to the increase in oil prices.
The broader market was weaker with losers leading gainers by 510 to 143, while 219 counters traded unchanged. Volume was 352.89 million shares valued at RM401.79 million.
The ringgit weakened 0.1pct to 3.0320 versus the US dollar; crude palm oil futures for the third month delivery rose RM30 per tonne to RM3,660, crude oil added US$1.62 per barrel to US$106.04 while gold jumped US$5.33 per troy ounce to US$1,436.23.
Crude oil prices rose to 2-1/2 year highs on Monday on heightened worries about supply disruption due to deepening unrest in Libya, while Asian stocks slipped as concerns about the Middle East and higher energy prices weighed on equities, according to Reuters.
Asian markets have see-sawed following volatile oil prices in recent weeks, but the MSCI ex-Japan index is barely a percent away from a 2-1/2 year peak tested in January, indicating markets have been largely resilient to the Libyan crisis, it said.
A rally in energy counters, in particular coal, lifted the Shanghai Composite 1.4% by midday to its highest level in nearly four months after helping the benchmark break out above its February peak around 2,940, said Reuters.
At the regional markets, Japan's Nikkei 225 fell 1.64% to 10,518.65, South Korea's Kospi Index lost 1.07% to 1,983.27, Taiwan's Taiex declined 0.69% to 8,723.39 while and Hong Kong's Hang Seng Index shed 0.15% to 23,374.20.
Meanwhile, the Shanghai Composite Index jumped 1.44% to 2,984.53 and Singapore's Straits Times Index edged up 0.12% to 3,064.96.
On Bursa Malaysia, among the major losers were Genting that fell 18 sen to RM10.16, Genting Malaysia eight sen to RM3.36, MISC nine sen to RM7.98, Tenaga and IOI Corp five sen each to RM6.27 and RM5.70, while Axiata and Sime fell four sen each to RM4.95 and RM9.13.
Among banks, Public Bank fell six sen to RM13.10 and Maybank lost three sen to RM8.77.
Meanwhile, Malaysian Airlines fell three sen to RM1.84 while AirAsia lost four sen to RM2.48.
Other decliners included F&N, Dutch Lady, Fima Corp, Mudajaya, SEG International, MTD and Tradewinds.
Gainers this morning included GAB, Subur Tiasa, Glenealy, Mamee, United PLANTATION []s and Petronas Dagangan,
SAAG was the most actively traded counter with 17.8 million shares done. The stock shed one sen to 9 sen. Other actives included Olympia, DRB-Hicom, Tanco and Talam.
The FBM KLCI fell 0.58% or 8.88 points to 1,513.73, weighed by banking and blue chip stocks, while airline stocks also fell due to the increase in oil prices.
The broader market was weaker with losers leading gainers by 510 to 143, while 219 counters traded unchanged. Volume was 352.89 million shares valued at RM401.79 million.
The ringgit weakened 0.1pct to 3.0320 versus the US dollar; crude palm oil futures for the third month delivery rose RM30 per tonne to RM3,660, crude oil added US$1.62 per barrel to US$106.04 while gold jumped US$5.33 per troy ounce to US$1,436.23.
Crude oil prices rose to 2-1/2 year highs on Monday on heightened worries about supply disruption due to deepening unrest in Libya, while Asian stocks slipped as concerns about the Middle East and higher energy prices weighed on equities, according to Reuters.
Asian markets have see-sawed following volatile oil prices in recent weeks, but the MSCI ex-Japan index is barely a percent away from a 2-1/2 year peak tested in January, indicating markets have been largely resilient to the Libyan crisis, it said.
A rally in energy counters, in particular coal, lifted the Shanghai Composite 1.4% by midday to its highest level in nearly four months after helping the benchmark break out above its February peak around 2,940, said Reuters.
At the regional markets, Japan's Nikkei 225 fell 1.64% to 10,518.65, South Korea's Kospi Index lost 1.07% to 1,983.27, Taiwan's Taiex declined 0.69% to 8,723.39 while and Hong Kong's Hang Seng Index shed 0.15% to 23,374.20.
Meanwhile, the Shanghai Composite Index jumped 1.44% to 2,984.53 and Singapore's Straits Times Index edged up 0.12% to 3,064.96.
On Bursa Malaysia, among the major losers were Genting that fell 18 sen to RM10.16, Genting Malaysia eight sen to RM3.36, MISC nine sen to RM7.98, Tenaga and IOI Corp five sen each to RM6.27 and RM5.70, while Axiata and Sime fell four sen each to RM4.95 and RM9.13.
Among banks, Public Bank fell six sen to RM13.10 and Maybank lost three sen to RM8.77.
Meanwhile, Malaysian Airlines fell three sen to RM1.84 while AirAsia lost four sen to RM2.48.
Other decliners included F&N, Dutch Lady, Fima Corp, Mudajaya, SEG International, MTD and Tradewinds.
Gainers this morning included GAB, Subur Tiasa, Glenealy, Mamee, United PLANTATION []s and Petronas Dagangan,
SAAG was the most actively traded counter with 17.8 million shares done. The stock shed one sen to 9 sen. Other actives included Olympia, DRB-Hicom, Tanco and Talam.
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