Tuesday, April 26, 2011

Asian markets fall ahead of FOMC meeting

KUALA LUMPUR: Key regional markets succumbed to profit taking on Tuesday, April 26, ahead of the Federal Reserve meeting this week, with Japan's Nikkei 225 falling almost 1.3%, as investors stayed on the sidelines to await the outcome of the meeting.

The FBM KLCI shed 1.20 points to 1,522.85 at 12.30pm, weighed by losses due to profit taking at blue chip stocks.

Losers beat gainers by 435 to 171, while 311 counters traded unchanged. Volume was 500.05 million shares valued at RM527.97 million.

The ringgit weakened 0.12% to 2.9955 versus the US dollar; crude palm oil for the third month delivery fell RM54 per tonne to RM3,306, crude oil lost US$1.08 per barrel to US$111.20 while gold slumped US$11 an ounce to US$1,496.23.

Asian shares pulled back from recent three-year peaks before this week's Federal Reserve meeting where investors will hunt for clues on when it plans to exit ultra-easy monetary policy, according to Reuters.

At the regional markets, Japan's Nikkei 225 fell 1.29% to 9,547.55, Hong Kong's Hang Seng Index lost 1.13% to 23,865.91, the Shanghai Composite Index was down 0.92% to 2,937.73, Taiwan's Taiex fell 0.60% to 8,897.11, Singapore's Straits Times Index fell 0.38% to 3,175.69 and South Korea's Kospi was down 0.34% to 2,208.56.

On Bursa Malaysia, HPI was the top loser at mid-day and fell 43 sen to RM3.24; BAT fell 42 sen to RM47.36, Nestle 18 sen to RM48, Hong Leong Bank 14 sen to RM10.26, Petronas Dagangan 12 sen to 15.78, Nilai 11 sen to 78 sen, while PPB and Genting fell 10 sen to RM16.60 and RM11.48.

Formis Resources's warrants were actively traded after its 92.95 million free warrants were listed and quoted from 9am today. ''The warrants rose 27 sen to 27.5 sen with 26.5 million units done.

Other actives included Iris, DBE Gurney, Tanco, Karambunai, Asiapac, ConnectCounty and Tricubes.

Gainers included Vitrox, Genting PLANTATION []s, Cocoaland, Hartalega and Huat Lai.

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