Wednesday, November 2, 2011

KLCI off lows, investors unsure of Greek vote

KUALA LUMPUR (Nov 2): Key Asian markets closed mixed on Wednesday, amid concerns from Greece's call for a referendum on the debt rescue plan while there was some glimmer of hope the US Federal Reserve could takes steps to revive the economy.

At the close, the FBM KLCI was down 4.69 points or 0.32% to 1,470.95, but off the day's low of 1,457. Turnover was 1.56 billion shares valued at RM1.694 billion. The broader market improved with gainers leading losers marginally, 374 to 363 while 285 counters traded unchanged.

Hong Kong's Hang Seng Index rose 1.88% to 19.733.71, Shanghai's Composite Index added 1.38% to 2,504.11 and Singapore's Straits Index 1.63% to 2,834.75.'' However, Japan's Nikkei 225 closed 2.21% lower to 8,640.42 and South Korea's Kospi fell 0.61% to 1,898.01.

Reuters reported that European stocks turned negative on Wednesday on renewed jitters about the euro zone economy and debt crisis, though world stocks and the euro held early gains ahead of a Federal Reserve meeting which may prepare markets for more monetary easing.

Investors would also focus on how the Greek's call for a referendum and confidence vote will pan out on Friday, Nov 4.

Should Prime Minister Papandreou lose the vote, Reuters reported that, a new general election will be called and most likely there will be no referendum. But this is likely to spark renewed uncertainty and increases the chances of a disorderly default by Greece and risk of contagion.

At Bursa Malaysia, the major gainers were DiGi, British American Tobacco (BAT), Genting Malaysia (GenM) and Sarawak Palm Oil (SOP).

DiGi rose 60 sen to RM32.30, BAT 42 sen to RM46.00, GenM 18 sen to RM3.87 and SOP 21 sen to RM4.46.

The top losers included Nestle, Panasonic Malaysia and CIMB. Nestle fell 70 sen to RM49.70, Panasonic 40 sen to RM19.06 and CIMB 18 sen to RM7.31.

Among the actively traded stocks were Karambunai, up six sen to 20.5 sen, Harvest-WA up 11.5 sen to 45 sen and Harvest up 9.5 sen to 49.5 sen.

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