Monday, September 12, 2011

Banks, Petronas-linked counters weigh on KLCI

KUALA LUMPUR: Banking stocks, often seen as a proxy to the economy, as well as Petronas-linked counters dipped on Monday, Sept 12 as most key regional markets fell on escalating worries of the global economy.

The FBM KLCI fell 1.28% or 18.85 points to 1,450.27 at the mid-day break. Of the 30 stocks on the index, 29 fell while one was unchanged.

Market breadth was negative with 478 losers, 80 gainers while 180 counters traded unchanged. ''Volume was 304.22 million shares valued at RM383.97 million.

The ringgit weakened 0.85% to 3.0258 versus the US dollar; crude palm oil futures for the third month delivery rose RM19 per tonne to RM3,058, crude oil fell US$1.09 per barrel to US$86.15 while gold lost US$5.40 an ounce to US$1,850.30.

At the regional markets, Hong Kong's Hang Seng Index lost 3.38% to 19,194.58, Japan's Nikkei 225 fell 2.07% to 8,556.40, Australia's S&P/ASX 200 Index was down 3.31% to 4,055.90 and Singapore's Straits Times Index lost 2.17% to 2,763.81.

Meanwhile, the China, Taiwan and South Korean markets were closed for the mid-autumn public holiday.

On Bursa Malaysia, Hong Leong Bank fell 36 sen to RM11.84, HLFG 24 sen to RM11.28, RHB Capital 20 sen to RM8.27, CIMB and Maybank nine sen each to RM7.07 and RM8.60, Public Bank six sen to RM12.94 and AMMB lost five sen to RM6.29.

Meanwhile, Petronas Dagangan fell 26 sen to RM17.38, Petronas Gas 24 sen to RM13.36, Petronas Chemicals 15 sen to RM6.25 and MISC 17 sen to RM6.83.

PPB lost 28 sen to RM16.66, Genting 25 sen to RM9.52, BAT 18 sen to RM43.50 and Tradewinds 15 sen to RM9.01.

Systech was the most actively traded counter with 17.6 million shares done. The stock fell 3.5 sen to 37.5 sen.

Other actives included E&O, Takaso, Asia EP, Timecom, Malton, Focus, Tejari and Hubline.

Gainers this morning included Shell, PFCE, MFCB, E&O and Manulife.

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