Thursday, September 22, 2011

KLCI hits fresh one-year low

KUALA LUMPUR: The FBM KLCI fell 1.29% at the mid-day break on Thursday, Sept to its lowest level since Aug 26, 2010, in line with key regional markets that were pummeled following the US Federal Reserve's assessment that that the United States faced a grim economic outlook with "significant downside risks".

The regional sentiment was also further dampened by China's manufacturing sector contracting for a third consecutive month in September while a measure of inflation picked up, suggesting the world's No. 2 economy may not be able to provide much of a counterweight to flagging US and European growth, according to Reuters.

At 12.30pm, the benchmark FBM KLCI fell 18.37 points to 1,400.67, weighed by losses including at Genting, Petronas Chemicals and other key blue chips.

The index had earlier fallen to its intra-morning as well as 52-week low of 1,399.37.

Losers thumped gainers by 635 to 67, while 164 counters traded unchanged. Volume was 390.60 million shares valued at RM727.28 million.

The ringgit fell 0.75% to 3.1482 versus the US dollar; crude palm oil lost RM40 per tonne to RM3,026, crude oil down US$1.44 per barrel to US$84.48 while gold lost US$3.63 an ounce to US$1,778.72.

At the regional markets, Hong Kong's Hang Seng Index tumbled 4.08% to 18,055.31, South Korea's Kospi fell 3.42% to 1,790.88, Taiwan's Taiex lost 2.95% to 7,313.94, Japan's Nikkei 225 fell 2.07% to 8,559.92, Singapore's Straits Times Index down 1.77% to 2,742.32 while the Shanghai Composite Index shed 1.74% to 2,469.36.

Among the major losers on Bursa Malaysia, Petronas Dagangan fell 42 sen to RM16.50, Genting lost 39 sen to RM8.91, Hong Leong Bank 44 sen to RM10.16, HLFG 32 sen to RM10.90, Petronas Chemicals 23 sen to RM5.58, while Dutch Lady and Nestle lost 50 sen each to RM19 and RM49.

Petronas Chemicals was also the most actively traded counter with 16.88 million shares done.

Other actives included AirAsia, Axiata, Tiger, UEM Land, MRCB, Genting and E&O.

Gainers included Aeon Credit, Kawan Food, Ewein, Century Logistics, OSK PROPERTIES [], Nadayu and Aik Bee.



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