KUALA LUMPUR: Key Asian markets closed sharply lower on Wednesday, March 2, as their key indices recorded losses of between 0.2% and 2.43% due to the on-going revolt in Libya, worries about the fallout in the Middle East and the record high oil prices.
Stocks on Bursa Malaysia fell broadly, with declining stocks thrashing advancers nearly eight to one, the widest margin in recent weeks though the 30-stock FBM KLCI was off its early low. Nearly all the top 10 active stocks were in the red, reflecting the cautious mood among traders.
The KLCI closed below the key 1,500 level, down 2.96 points or 0.2% to 1,499.28. Turnover was 1.36 billion shares valued at RM1.72 billion. ''Fund support for BAT, which pushed the share price up by RM1.06 to RM48.86, helped nudge the index up by 1.2 points.
Of concern among investors is that the KLCI, had in recent days, fallen sharply at the start of trade while most local funds are staying on the sidelines, if at the most nibbling on oversold blue chips later in the day, institutional dealers said.
According to Reuters, the ongoing ructions in the Middle East led to deterioration in risk appetite on fears the global recovery could stall as the oil price remained high. Brent crude edged towards $116 a barrel on Wednesday, having gained around 15% in less than two weeks.
Japan's Nikkei 225 fell the most, down 2.43% ot 261 points to 10,492.38; the Hang Seng Index lost 1.49% to 23,048.66, Shanghai Composite Index 0.18% to 2,913.81, Taiwan's Taiex 1.23% to 8,619.90, Kospi 0.57% to 1,928.24 and Singapore's Straits Times Index 1.31% to 3,027.51.
At Bursa Malaysia, Tradewinds, which had a strong run-up since late December from around RM4 fell the most, down 27 sen to RM7.97.
Faber fell 25 sen to RM1.58 after it posted a set of weak financial results. Genting saw profit taking, down 22 sen to RM10.04 and dragged the KLCI down by 1.92 points.
DRB Hicom fell 18 sen to RM1.73 with 17.98 million shares done. Ekovest was off its early low, ending the day 18 sen down at RM3.46.
Among the banks, CIMB, which fell six sen to RM8, pushed the index down by 1.06 points. AMMB lost 12 sen to RM6.21 and Public Bank six sen to RM13.04.
The gainers were Petronas Gas, up 48 sen to RM11.80, Petronas Dagangan 26 sen to RM13.92, PPB 20 sen to RM16.80 and F&N 20 sen to RM15.
Stocks on Bursa Malaysia fell broadly, with declining stocks thrashing advancers nearly eight to one, the widest margin in recent weeks though the 30-stock FBM KLCI was off its early low. Nearly all the top 10 active stocks were in the red, reflecting the cautious mood among traders.
The KLCI closed below the key 1,500 level, down 2.96 points or 0.2% to 1,499.28. Turnover was 1.36 billion shares valued at RM1.72 billion. ''Fund support for BAT, which pushed the share price up by RM1.06 to RM48.86, helped nudge the index up by 1.2 points.
Of concern among investors is that the KLCI, had in recent days, fallen sharply at the start of trade while most local funds are staying on the sidelines, if at the most nibbling on oversold blue chips later in the day, institutional dealers said.
According to Reuters, the ongoing ructions in the Middle East led to deterioration in risk appetite on fears the global recovery could stall as the oil price remained high. Brent crude edged towards $116 a barrel on Wednesday, having gained around 15% in less than two weeks.
Japan's Nikkei 225 fell the most, down 2.43% ot 261 points to 10,492.38; the Hang Seng Index lost 1.49% to 23,048.66, Shanghai Composite Index 0.18% to 2,913.81, Taiwan's Taiex 1.23% to 8,619.90, Kospi 0.57% to 1,928.24 and Singapore's Straits Times Index 1.31% to 3,027.51.
At Bursa Malaysia, Tradewinds, which had a strong run-up since late December from around RM4 fell the most, down 27 sen to RM7.97.
Faber fell 25 sen to RM1.58 after it posted a set of weak financial results. Genting saw profit taking, down 22 sen to RM10.04 and dragged the KLCI down by 1.92 points.
DRB Hicom fell 18 sen to RM1.73 with 17.98 million shares done. Ekovest was off its early low, ending the day 18 sen down at RM3.46.
Among the banks, CIMB, which fell six sen to RM8, pushed the index down by 1.06 points. AMMB lost 12 sen to RM6.21 and Public Bank six sen to RM13.04.
The gainers were Petronas Gas, up 48 sen to RM11.80, Petronas Dagangan 26 sen to RM13.92, PPB 20 sen to RM16.80 and F&N 20 sen to RM15.
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