Thursday, November 10, 2011

Asian markets battered by worsening Europe debt crisis

KUALA LUMPUR (Nov 10): Key regional markets including Bursa Malaysia were in a sea of red as investors grew increasingly worried about the worsening of Europe's debt crisis.

Reuters reported that Italian 10-year bond yields shot to their highest since the euro was introduced in 1999, after Prime Minister Silvio Berlusconi said he opposed any form of interim government and that the country must hold an election.

The election, which Berlusconi said was not likely until February, would leave a three-month policy vacuum that could wreak havoc in global markets.

At 10am, the FBM KLCI was down 18.69 points to 1,470.95. Turnover was 948.63 million shares valued at RM309.73 million.

Japan's Nikkei 225 fell 2.15% to 8,566.98, Hong Kong's hang Seng Index lost 4.13% to 19,188.71, Shanghai's Composite Index 0.84% to 2,503.62 and Singapore's Straits Times Index 2.46% to 2,788.32.

At Bursa, KLK fell the most, down 44 sen to RM20.70 but with 100 shares done while United PLANTATION []s gave up 38 sen to Rm17.50, PPB 32 sen to RM16.82.

BAT fell 36 sen to RM46.24, Genting 22 sen to RM10.78 while among the banks, Public Bank-foreign. HLFG and HL Bank lost 16 sen each to RM12.50, RM11.72 and RM10.42 respectively.

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