Thursday, September 8, 2011

Asian markets' run fizzles out

KUALA LUMPUR: The FBM KLCI stayed in positive territory at the mid-day break on Thursday, Sept 8 but trading on Bursa Malaysia see-sawed as the initial euphoria at key Asian markets over the higher overnight close at Wall Street fizzled out.

A rebound in Asian stocks ran out of steam on Thursday, as worries over the widening impact of the euro zone crisis and the faltering U.S. economy gnawed at investor confidence, according to Reuters.

U.S. Federal Reserve Chairman Ben Bernanke is due to speak later on Thursday, and President Barack Obama will outline to Congress his plans for reviving the faltering economy. With unemployment stuck above 9 percent, Obama will lay out a plan to spur job creation, it said.

Many analysts expect Bernanke to hint at further easing steps to try to stimulate the economy, which could put downward pressure on the dollar, said Reuters.

The FBM KLCI rose 1.23 points to 1,465.84 at 12.30pm, with gains at select blue chips.

Gainers edged losers by 296 to 239, while 265 counters traded unchanged. Volume was 398.17 million shares valued at RM493.91 million.

The ringgit was flat at 2.9835 versus the US dollar; crude palm oil futures for the third month delivery rose RM22 per tonne to RM3,053, crude oil added 15 cents to US$89.49 while gold rose US$12 an ounce to US$1,829.48.

At the regional markets, Japan's Nikkei 225 pared down its gains and was up only 0.17% to 8,778.14, South Korea's Kospi gained 0.47% to 1,842.12 and Taiwan's Taiex added 0.23% to 7,546.39.

Meanwhile, Hong Kong's Hang Seng Index fell 0.75% to 19,897.15, the Shanghai Composite Index down 0.14% to 2,512.66 and Singapore's Straits Times Index shed 0.04% to 2,830.87.

On Bursa Malaysia, Dutch Lady was the top gainer this morning and rose 32 sen to RM19.30; Nestle added 30 sen to RM49.30, BLD PLANTATION []s up 27 sen to RM6.88, Tan Chong 26 sen to RM4.75, RHB Capital and Tradewinds 15 sen each to RM8.44 and RM9.05, Bernas 14 sen to RM3.52, BAT and HLFG 12 sen each to RM43.72 and RM11.60, while MNRB added 11 sen to RM3.39.

Paos was the top loser and fell 18.5 sen to 61.5 sen; Panasonic lost 18 sen to RM21.30, Astral Asia down seven sen to RM1.08, Heitech Padu six sen to RM1.06 while Suria and Choo Bee fell fiev sen each to RM1.55 and RM1.45.

The actives included E&O, Malton, Systech, HWGB, DVM, Tebrau, CIMV and AirAsia.

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