KUALA LUMPUR (Nov 17): The FBM KLCI extended its losses at mid-morning on Thursday, Nov 17 in line with the weaker key regional markets following the overnight plunge at Wall Street as US stocks fell on fears of a contagion from eurozone crisis.
Asian shares and the euro fell further on Thursday as doubts deepened about Europe's ability to stop its sovereign debt crisis from spinning out of control, with the region's biggest nations split over the European Central Bank's bond buying role, according to Reuters.
The focus of concern is shifting to difficulties in securing funds from money markets, where strains are intensifying due to rising government borrowing costs that have made financial institutions reluctant to buy sovereign bonds and lend to each other for fear of counterparty exposure to euro zone debts, it said.
The FBM KLCI fell 6.05 points to 1,470.79 at 10am.
Losers led gainers by 250 to 122, while 201 counters traded unchanged. Volume was 316.5 million shares valued at RM156.42 million.
At the regional markets, Hong Kong's Hang Seng Index lost 1.28% to 18,718.55, Singapore's Straits Times Index fell 0.87% to 2,783.02, Taiwan's Taiex was down 0.56% to 7,346.12, Japan's Nikkei 225 fell 0.17% to 8,448.74 and South Korea's Kospi shed 0.06% to 1,854.97.
Meanwhile, the Shanghai Composite Index edged up 0.29% to 2,474.08.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients said that due to US markets' very poor tone last night, there could be another downward day for the local index.
He advised investors to trade with a short-term time frame locally.
'It is unwise to join the recent penny stock activity (eg Harvest with its suspension, designation and limit-down and SYF with its large cumulative 2 days' price and percentage drop) as these stocks do not have any fundamentals and the companies are loss-making.
'Sell these stocks swiftly if their trends turn down violently,' he said.
On Bursa Malaysia, BAT fell 46 sen to RM46.54, Harvest Court lost 44 sen to RM1.05, MISC 12 aen to RM6.67, AIRB and Petronas Gas fell 10 sen each to RM1.49 and RM13.24, CIMB nine sen to RM6.97, HDBS seven sen to RM2.28 and Genting PLANTATION []s was down six sen to RM7.91.
Among the gainers, Kretam and Nestle added 28 sen each to RM2.50 and RM49.50, Amway 17 sen to RM9.21, Ekovest and TDM nine sen each to RM2.67 and RM3.37, Can-One and MAHB seven sen each to RM1.02 and RM6.19, KLK six sen to RM21.12, Kenanga 5.5 sen to 72 sen and REC Capital five sen to 51.5 sen.
Compugates was the most actively traded counter with 19.4 million shares done. The stock was unchanged at 8 sen.
Other actives included TMC Life, Tricubes, YGL, Sumatec, Asia EP, REC Capital and DPS Resources.
Asian shares and the euro fell further on Thursday as doubts deepened about Europe's ability to stop its sovereign debt crisis from spinning out of control, with the region's biggest nations split over the European Central Bank's bond buying role, according to Reuters.
The focus of concern is shifting to difficulties in securing funds from money markets, where strains are intensifying due to rising government borrowing costs that have made financial institutions reluctant to buy sovereign bonds and lend to each other for fear of counterparty exposure to euro zone debts, it said.
The FBM KLCI fell 6.05 points to 1,470.79 at 10am.
Losers led gainers by 250 to 122, while 201 counters traded unchanged. Volume was 316.5 million shares valued at RM156.42 million.
At the regional markets, Hong Kong's Hang Seng Index lost 1.28% to 18,718.55, Singapore's Straits Times Index fell 0.87% to 2,783.02, Taiwan's Taiex was down 0.56% to 7,346.12, Japan's Nikkei 225 fell 0.17% to 8,448.74 and South Korea's Kospi shed 0.06% to 1,854.97.
Meanwhile, the Shanghai Composite Index edged up 0.29% to 2,474.08.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients said that due to US markets' very poor tone last night, there could be another downward day for the local index.
He advised investors to trade with a short-term time frame locally.
'It is unwise to join the recent penny stock activity (eg Harvest with its suspension, designation and limit-down and SYF with its large cumulative 2 days' price and percentage drop) as these stocks do not have any fundamentals and the companies are loss-making.
'Sell these stocks swiftly if their trends turn down violently,' he said.
On Bursa Malaysia, BAT fell 46 sen to RM46.54, Harvest Court lost 44 sen to RM1.05, MISC 12 aen to RM6.67, AIRB and Petronas Gas fell 10 sen each to RM1.49 and RM13.24, CIMB nine sen to RM6.97, HDBS seven sen to RM2.28 and Genting PLANTATION []s was down six sen to RM7.91.
Among the gainers, Kretam and Nestle added 28 sen each to RM2.50 and RM49.50, Amway 17 sen to RM9.21, Ekovest and TDM nine sen each to RM2.67 and RM3.37, Can-One and MAHB seven sen each to RM1.02 and RM6.19, KLK six sen to RM21.12, Kenanga 5.5 sen to 72 sen and REC Capital five sen to 51.5 sen.
Compugates was the most actively traded counter with 19.4 million shares done. The stock was unchanged at 8 sen.
Other actives included TMC Life, Tricubes, YGL, Sumatec, Asia EP, REC Capital and DPS Resources.
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