Friday, March 11, 2011

Petronas Chemical falls in heavy trade, in line with weak markets

KUALA LUMPUR: Petronas Chemicals, which had a strong run-up in its share price this week after it was upgraded, snapped its winning streak as investors took profit on Friday, March 11

At 3.15pm, PChem fell 20 sen to RM6.52 with 19.23 million shares done.

The FBM KLCI extended its losses in line with the key regional markets which were buffeted by the Mid-east worries, record high oil prices and then the earthquake in Japan.

The KLCI fell 22.36 points to 1,494.55. Turnover was 646.5 million shares done valued at RM1.04 billion. There were 79 gainers versus 611 losers and 185 stocks were unchanged.

China's main stock index closed down 0.8% as investors remained wary that liquidity will tighten after economic data showed prices rose steadily in the first two months of the year.

The benchmark Shanghai Composite Index ended at 2,933.8, after a 1.5% drop on Thursday.

Hong Kong stocks slipped 1.8% in early afternoon trade as the Japanese market fell following a strong earthquake off Japan's northeast coast.

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