Thursday, November 3, 2011

Greek woes hammer stocks, KLCI dn 9.5pts

KUALA LUMPUR (Nov 3): Most key regional markets fell in the morning session on Thursday as investors worried about the fallout in the impasse between Greece and the EU as its debt rescue hung in a balance.

At 12.30pm, the FBM KLCI fell 9.56 points or 0.65% to 1,461,39, the third day of straight losses for the 30-stock index.

Turnover was 1.10 billion, mainly due to heavy trading in penny stocks like Karambunai, Tejari, Harvest and Compugates which totalled more than 310 units done.

The quality was however lower, valued at RM538.52 million. Declining stocks beat advancers 417 to 208 while 244 counters were unchanged.

Taiwan's Taiex fell the most, down 1.54% to 7,481.67, Singapore's Straits Times Index lost 1.16% to 2,801.75, South Korea's Kospi 1.12% to 1,876.81 and Hong Kong's Hang Seng Index 0.98% to 19,540.28.

Reuters reported the leaders of Germany and France told Greece on Wednesday it would not receive another cent in European aid until it decides whether it wants to stay in the euro zone. They also made clear that saving the euro was ultimately more important to them than rescuing Greece.

US light crude oil fell 96 cents to US$91.55 and the ringgit weakened against the US dollar to 3.1500.

Crude palm oil third-month futures fell RM14 to RM2,946 per tonne. The weakening CPO prices also weighed on PLANTATION [] stocks, which emerged as the top losers.

Kuala Lumpur Kepong fell the most, down 32 sen to RM20.78, Sarawak Oil Palms and PPB 28 sen each to RM4.18 and RM16.82 while Batu Kawan shed 24 sen to RM15.70 while IOI Corp declined six sen to RM5.08.

Tenaga fell 13 sen to RM5.73, dragging the index down by 1.63 points. Among finance stocks, CIMB's decline of nine sen to RM7.22, pushed the index down 1.55 points, Maybank fell three sen to RM8.25 and Public Bank four sen to RM12.66. HLFG fell the most, down 24 sen to RM11.70.

Karambunai was the most active with 107.26 million shares done, down two sen to 18.5 sen. Tejari added 0.5 sen to eight sen with 61.19 million shares done. Compugates was unchanged at 6.5 sen with 45.82 million shares done.

However, Harvest extended its gains, rising to a fresh six-year high of 56.5 sen with 45 million shares done while its warrants rose 6.5 sen to 51.5 sen with 49.97 million units done.

Guinness Anchor was the top gainer, adding 16 sen to RM10.90 after posting a strong set of earnings, Carlsberg added six sen to RM7.01.

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