KUALA LUMPUR: The FBM KLCI extended its losses in early trade on Thursday, June 2 in line with the fall at key regional markets following the sharp overnight fall at Wall Street, as well as impending vote of no confidence against the Japanese Prime Minister.
Asian stocks dropped on Thursday, with investors spooked by a sell-off on Wall Street overnight and a steady stream of soft data from major economies that have put a damper on risk-taking ahead of Friday's US payrolls report, according to Reuters.
Meanwhile, Japanese stocks declined amidst growing political uncertainty as Japanese Prime Minister Naoto Kan faces a no-confidence motion later in the day.
Kan was at risk of losing his job after rebels in his own party said they would back a no-confidence motion on Thursday, threatening political chaos as the government struggles to contain a nuclear crisis and rein in massive public debt, said Reuters.
The FBM KLCI fell 3.88 points to 1,552.54 at 10am.
Losers led gainers by 330 to 106, while 187 counters traded unchanged. Volume was 132.90 million shares valued at RM216.92 million.
At the regional markets, Japan's Nikkei 225 fell 1.55% to 9,568.87, Hong Kong's Hang Seng Index lost 1.41% to 23,292.30, the Shanghai Composite Index declined 0.83% to 2,720.87, South Korea's Kospi fell 0.97% to 2,120.59, while Taiwan's Taiex and Singapore's Straits Times Index lost 0.46% each to 9,020.66 and 3,158.36.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients June 2 said that due to the world markets' poor tone last night, there would some volatility in the local bourse today.
'We expect the FBM KLCI to remain volatile today, as it may be adversely affected by the US and regional markets.
'Investors should trade the local market with a short-to-medium term time frame,' he said.
Among the losers at mid-morning, BAT fell 26 sen to RM47.02, NPC lost 15 sen to RM2.10, Malayan Flour Mills 14 sen to RM7.86, KLK 12 sen to RM22.08, Tradewinds and DiGi 10 sen each to RM9 and RM28.50, while YTL Cement, Nestle and Puncak Niaga fell eight sen each to RM4.32, RM47.90 and RM2.08.
Kluang was the top gainer and added 31 sen to RM2.98; Asia File was up 17 sen to RM4.10, MTD ACPI 12 sen to63 sen, BLD PLANTATION []s 11 sen to RM6.08, Takaful 10 sen to RM1.94, SAB and RHB Capital nine sen each to RM2.59 and RM9.99, while United Plantations was up eight sen to RM18.60.
Asian stocks dropped on Thursday, with investors spooked by a sell-off on Wall Street overnight and a steady stream of soft data from major economies that have put a damper on risk-taking ahead of Friday's US payrolls report, according to Reuters.
Meanwhile, Japanese stocks declined amidst growing political uncertainty as Japanese Prime Minister Naoto Kan faces a no-confidence motion later in the day.
Kan was at risk of losing his job after rebels in his own party said they would back a no-confidence motion on Thursday, threatening political chaos as the government struggles to contain a nuclear crisis and rein in massive public debt, said Reuters.
The FBM KLCI fell 3.88 points to 1,552.54 at 10am.
Losers led gainers by 330 to 106, while 187 counters traded unchanged. Volume was 132.90 million shares valued at RM216.92 million.
At the regional markets, Japan's Nikkei 225 fell 1.55% to 9,568.87, Hong Kong's Hang Seng Index lost 1.41% to 23,292.30, the Shanghai Composite Index declined 0.83% to 2,720.87, South Korea's Kospi fell 0.97% to 2,120.59, while Taiwan's Taiex and Singapore's Straits Times Index lost 0.46% each to 9,020.66 and 3,158.36.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients June 2 said that due to the world markets' poor tone last night, there would some volatility in the local bourse today.
'We expect the FBM KLCI to remain volatile today, as it may be adversely affected by the US and regional markets.
'Investors should trade the local market with a short-to-medium term time frame,' he said.
Among the losers at mid-morning, BAT fell 26 sen to RM47.02, NPC lost 15 sen to RM2.10, Malayan Flour Mills 14 sen to RM7.86, KLK 12 sen to RM22.08, Tradewinds and DiGi 10 sen each to RM9 and RM28.50, while YTL Cement, Nestle and Puncak Niaga fell eight sen each to RM4.32, RM47.90 and RM2.08.
Kluang was the top gainer and added 31 sen to RM2.98; Asia File was up 17 sen to RM4.10, MTD ACPI 12 sen to63 sen, BLD PLANTATION []s 11 sen to RM6.08, Takaful 10 sen to RM1.94, SAB and RHB Capital nine sen each to RM2.59 and RM9.99, while United Plantations was up eight sen to RM18.60.
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