KUALA LUMPUR: Asian markets started the week of July 11 on a weaker note, following the dip at Wall Street last Friday, as well as softer economic data from China over the weekend affected investor sentiment.
The ''spate of weak economic data from China and the US renewed concerns about the health of the global economy while the euro looked vulnerable before an emergency meeting to stem the spreading debt crisis, according to Reuters.
As markets began recovering from an extended period of volatility in the first half of 2011, a perfect storm in the shape of slowing growth in China, worrisome news from the euro zone and little progress to avert a looming US debt default sapped demand for risky assets, it said.
The FBM KLCI fell 5.75 points to 1,588.99 at 10am, weighed by losses at select blue chips.
Losers led gainers by 197 to 161, while 202 counters traded unchanged. Volume was 143.68 million shares valued at RM125.64 million.
At the regional markets, Japan's Nikkei 225 fell 0.48% to 10,089.56, Hong Kong's Hang Seng Index down 0.86% to 22,530.37, the Shanghai Composite Index lost 0.42% to 2,786.09, Taiwan's Taiex shed 0.74% to 8,684.44, South Korea's Kospi declined 0.88% to 2,161.21 and Singapore's Straits Times Index was down 0.75% to 3,127.64.
MIDF Research head Zulkifli Hamzah in note July said foreign investors remained net buyers last week, adding that foreigners had now been net buyers of Malaysian equity in 13 out of the last 16 weeks.
'We expect the market to remain steady this week, as foreign buying continues.
'Foreign investor sentiment towards the Malaysian market should be intact based on the reported success of the bookbuilding for the Bumi Armada IPO. Media report suggests that the institutional offering was oversubscribed by a whopping 25 times,' he said.
Among the decliners on Bursa Malaysia, Dutch Lady fell 24 sen to RM19.12, DiGi 22 sen to RM29.78, Petronas Gas 12 sen to RM13.88, Aeon 10 sen to RM7.20, Batu Kawan, Bina Puri, APM Automotive and BAT eight sen to RM17.20, RM1.20, RM4.91 and RM46.62 respectively, whiel CIMB and Bursa fell seven sen each to RM8.85 and RM7.71.
XDL was the most actively traded counter with 22.29 million shares done. The stock was unchanged at 40.5 sen.
Other actives included Key West, DVM, Tanco, and Talam.
Gainers included Nestle that added 40 sen to RM47.70, Panasonic 28 sen to RM24.40, KLK and Petronas Dagangan 14 sen to RM22.80 and RM17.24, BIMB eight sen to RM2.38, TSH seven sen to RM3.25 and MNRB six sen to RM2.95.
Meanwhile, trading in the securities of Kencana Petroleum and SapuraCrest Petroleum were suspended from 9am till 5pm today on possible merger talks. The companies in separate announcements said the trading halt was pending a material announcement.
The ''spate of weak economic data from China and the US renewed concerns about the health of the global economy while the euro looked vulnerable before an emergency meeting to stem the spreading debt crisis, according to Reuters.
As markets began recovering from an extended period of volatility in the first half of 2011, a perfect storm in the shape of slowing growth in China, worrisome news from the euro zone and little progress to avert a looming US debt default sapped demand for risky assets, it said.
The FBM KLCI fell 5.75 points to 1,588.99 at 10am, weighed by losses at select blue chips.
Losers led gainers by 197 to 161, while 202 counters traded unchanged. Volume was 143.68 million shares valued at RM125.64 million.
At the regional markets, Japan's Nikkei 225 fell 0.48% to 10,089.56, Hong Kong's Hang Seng Index down 0.86% to 22,530.37, the Shanghai Composite Index lost 0.42% to 2,786.09, Taiwan's Taiex shed 0.74% to 8,684.44, South Korea's Kospi declined 0.88% to 2,161.21 and Singapore's Straits Times Index was down 0.75% to 3,127.64.
MIDF Research head Zulkifli Hamzah in note July said foreign investors remained net buyers last week, adding that foreigners had now been net buyers of Malaysian equity in 13 out of the last 16 weeks.
'We expect the market to remain steady this week, as foreign buying continues.
'Foreign investor sentiment towards the Malaysian market should be intact based on the reported success of the bookbuilding for the Bumi Armada IPO. Media report suggests that the institutional offering was oversubscribed by a whopping 25 times,' he said.
Among the decliners on Bursa Malaysia, Dutch Lady fell 24 sen to RM19.12, DiGi 22 sen to RM29.78, Petronas Gas 12 sen to RM13.88, Aeon 10 sen to RM7.20, Batu Kawan, Bina Puri, APM Automotive and BAT eight sen to RM17.20, RM1.20, RM4.91 and RM46.62 respectively, whiel CIMB and Bursa fell seven sen each to RM8.85 and RM7.71.
XDL was the most actively traded counter with 22.29 million shares done. The stock was unchanged at 40.5 sen.
Other actives included Key West, DVM, Tanco, and Talam.
Gainers included Nestle that added 40 sen to RM47.70, Panasonic 28 sen to RM24.40, KLK and Petronas Dagangan 14 sen to RM22.80 and RM17.24, BIMB eight sen to RM2.38, TSH seven sen to RM3.25 and MNRB six sen to RM2.95.
Meanwhile, trading in the securities of Kencana Petroleum and SapuraCrest Petroleum were suspended from 9am till 5pm today on possible merger talks. The companies in separate announcements said the trading halt was pending a material announcement.
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