Thursday, October 20, 2011

KLCI pares down losses, but outlook remains gloomy

KUALA LUMPUR: ''The FBM KLCI extended its losses on Thursday, Oct 20 in line with the tepid sentiment at global markets as growing fears over the still absent solution to the eurozone debt crisis and a slowdown in China's economy hammered equities.

Doubts about the euro zone's ability to come up with a comprehensive plan to solve its debt crisis hammered equity markets and hit the euro on Thursday, underlying investor impatience with political wrangling, according to Reuters.

The FBM KLCI pared down some of its earlier losses and closed 9.07 points lower at 1,441.18. The index had earlier fallen to its intra-day low of 1,429.38.

Losers beat gainers by 500 to 232, while 226 counters traded unchanged. Volume was 1.31 billion shares valued at RM1.16 billion.

At the regional markets, the Shanghai Composite Index lost 1.94% to 2,331.37, Hong Kong's Hang Seng Index fell 1.78% to 17,983.10, South Korea's Kospi was down 2.74% to 1,805.09, Taiwan's Taiex lost 1.48% to 7,244.32, Japan's Nikkei 225 fell 1.03% to 8,682.15 and Singapore's Straits Times Index down 0.96% to 2,694.01.

On Bursa Malaysia, the major decliners included Lafarge Malayan Cement that fell 38 sen to RM6.82, Panasonic 30 sen to RM19.90, APM Automotive 22 sen to RM4.57, Malayan Flour Mills 19 sen to RM7.45, HLFG 18 sen to RM11.40, Hong Leong Bank, MMHE and DiGi fell 16 sen each to RM10.56, RM5.84 and RM31.60, while Dutch Lady lost 14 sen to RM19.

Glove manufacturers, after being battered recently, made some inroads and were among the top gainers, with Supermax up 27 sen to RM3.22, Latexx 14 sen to RM1.63, Adventa 13 sen to RM1.67, while Top Glove and Hartalega added one sen each to RM4.13 and RM5.51.

Other gainers included Tahps that rose 35 sen to RM4.50, Genting PLANTATION []s 22 sen to RM7.58, UOA Development 19 sen to RM1.70, Degem 15 sen to 95 sen, CCM 12 sen to RM1.40 and PPB 10 sen to RM16.80.

JCY was the most actively traded counter with 47.9 million shares done. The stock fell one sen to 57 sen.

Other actives included IRCB, Karambunai, UOA Development and Dutaland.

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