Friday, September 23, 2011

KLCI pares down losses at mid-day

KUALA LUMPUR: The FBM KLCI pared down some of its losses the mid-day break on Friday, Sept 23 after having fallen more than 1.9% in the morning session to an intra-morning low of 1,358.47.

At 12.30pm, the FBM KLCI was down 1.11% or 15.35 points to 1,372.46. However, the outlook remains gloomy as the global markets turned bearish this morning, according to analysts.

Market breadth remained negative with losers leading gainers by 620 to 118, while 185 counters traded unchanged. Volume was 531.92 million shares valued at RM838.79 million.

The ringgit weakened 0.69% to 3,1708 versus the US dollar; crude palm oil futures for the third month delivery fell RM19 per tonne to RM2,990, crude oil added 52 cents per barrel to US$81.03 while gold gained US$1,743.18.

Meanwhile, Asian stocks fell to a 16-month low and emerging market currencies tumbled on Friday amid fears of a global recession, but a pledge from the G20 to preserve financial stability helped stem the scale of losses, according to Reuters.

Equity markets pulled back from the depths of their slump and the euro gained after a statement committed the Group of 20 major economies to "take all necessary actions" and said central banks stood ready to provide liquidity, it said.

Alarm at the U.S. Federal Reserve's dire outlook for the world's biggest economy at its two-day policy meeting this week pushed world stocks to 13-month lows as investors shed risky assets from portfolios and scurried to safer havens, said Reuters.

At the regional markets, South Korea's Kospi was down 3.78% to 1,732.49, Taiwan's Taiex lost 3.21% to 7,071.12, Hong Kong's Hang Seng Index fell 1.68% to 17,610.65,Singapore's Straits Times Index declined 1.21% to 2,687.69 and the Shanghai Composite Index shed 0.91% to 2,420.94.

Japan's stock markets were closed for a national holiday.

On Bursa Malaysia, Dutch Lady fell 70 sen to RM18.18, KLK 66 sen to RM20.54, Tasek, Batu Kawan and Nestle 40 sen each to RM6.95, RM15.04 and RM48.60 respectively, Panasonic 38 sen to RM18.42, Petronas Dagangan 32 sen to RM16.08, Tradewinds 29 sen to RM8.02 and HLFG down 26 sen to RM10.68.

Dialog was the most actively traded counter with 16.96 million shares done. The stock fell nine sen to RM1.87.

Other actives included AirAsia, Key West, Petronas Chemicals, Telekom, MRCB and Trinity.

Gainers included Shell, Ewein, Parkson and MMC Corp.


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