Friday, October 14, 2011

KLCI extends losses at mid-day as Asian markets turn negative

KUALA LUMPUR: The FBM KLCI fell 0.38% at the mid-day break on Friday, Oct 14 as Asian markets mostly turned negative as weaker data from China raised worries on the global economic prospects.

Lingering concerns about Europe's debt woes and the latest credit rating downgrade of Spain underpinned the safety of government bonds, slightly boosting the price of U.S. Treasuries in Asia on Friday while easing Asian credit markets, according to Reuters.

At 12.30pm, the FBM KLCI lost 5.50 points to 1,439.37.

Gainers trailed losers by 221 to 371, while 227 counters traded unchanged. Volume was 539.58 million shares valued at RM522.91 million.

The ringgit strengthened 0.10% to 3.1355 versus the US dollar; crude palm oil futures for the third month delivery rose RM28 per tonne to RM2,874, crude oil gained 13 cents per barrel to US$84.36 while gold fell US$1.64 an ounce to US$1,666.49.

At the regional markets, Hong Kong's Hang Seng Index lost 1.39% to 18,496.17, the Shanghai Composite Index fell 1.10% to 2,412.03, Japan's Nikkei 225 was down 0.71% to 8,760.43, Taiwan's Taiex lost 0.78% to 7,370.42 and Singapore's Straits Times Index shed 0.24% to 2,727.38, while South Korea's Kospi edged up 0.12% to 1,825.29.

On Bursa Malaysia, Eng Teknologi continued to be plagued by the impact of the Thailand floods and fell 21 sen to RM1.79 with 3.38 million shares done.

Timber-related stocks fell as well on profit taking, with Subur Tiasa down 17 sen to RM2.10 and Jaya Tiasa down 16 sen to RM5.25.

Meanwhile, Far East lost 15 sen to RM6.80, Sunchirin, MISC and Genting Malaysia down 13 sen each to RM1.32, RM6.28 and RM3.65, while TDM, Allianz and Tenaga fell 10 sen each to RM2.85, RM4.50 and RM5.18 respectively.

Among the gainers, Malayan Flour Mills added 30 sen to RM7.30, RHB Capital 26 sen to RM7.70, Atlan and Tahps 20 sen each to RM3.20 and RM4.10, HLFG 18 sen to RM11.28, Eupe 17 sen to 57 sen, OSK 16 sen to RM1.84. Petronas Dagangan 14 sen to RM16.32, KFC 13 sen to RM3.44 and Lysaght 10 sen to RM1.75.

The actives included YTL Land shares and warrants, OSK, Timecom, Zelan, UOA Development, KUB, Harvest and Malton.

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