Friday, September 23, 2011

KLCI ends week in the red

KUALA LUMPUR: The FBM KLCI closed sharply lower on Friday, Sept 23 in line with its regional peers as investors spooked by fears of a global recession sold down equities in a panic mode.

The situation was made worse with Moody's Investors Service downgrading the long-term deposit and senior debt ratings of eight rated Greek banks by two notches.

Moody's said Sept 23, the banks were the National Bank of Greece SA (NBG), EFG Eurobank Ergasias SA (Eurobank), Alpha Bank AE (Alpha), Piraeus Bank SA (Piraeus), Agricultural Bank of Greece (ATE) and Attica Bank SA downgraded to Caa2 from B3. Emporiki Bank of Greece (Emporiki) and General Bank of Greece (Geniki) downgraded to B3 from B1. All of the banks' long-term deposit and debt ratings carry a negative outlook.

The FBM KLCI fell 1.58% or 21.87 points to 1,365.94, its lowest closing since Aug 16, 2010. The index had earlier fallen to its intra-day low of 1,358.47.

Losers beat gainers by 624 to 187, while 230 counters traded unchanged.

On a week-on-week basis, the FBM KLCI has fallen 64.99 points.

South Korea's Kospi tumbled 5.73% to 1,697.44, Taiwan's Taiex lost 3.55% to 7,046.22, Hong Kong's Hang Seng Index fell 1.36% to 17,668.83, the Shanghai Composite Index shed 0.41% to 2,433.16 and Singapore's Straits Times Index was down 0.80% to 2,698.80.

On Bursa Malaysia, HLFG fell 88 sen to RM10.06, Dutch Lady and BAT lost 86 sen each to RM18.02 and RM42.90, KLK and Nestle down 50 sen each to RM20.70 and RM48.50, Maybank 41 sen to RM7.99, Tasek and Batu Kawan 40 sen each to RM6.59 and RM15.04, while MAHB and Tradewinds lost 39 sen each to RM5.56 and RM7.92.

Dialog was the most actively traded counter with 27.2 million shares done. The stock fell four sen to RM1.92.

Other actives included AirAsia, Maybank, Telekom, Petronas Chemicals, Axiata and MRCB.

Among the gainers, Southern Steel added 16 sen to RM2.20, Hartaleda 15 sen to RM5.69, Cepco 13 sen to RM1.98 and MMC Corp 10 sen to RM2.35.

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