Tuesday, November 22, 2011

KLCI falls for sixth day in a row as global financial woes persist

KUALA LUMPUR (Nov 22): The FBM KLCI extended its losing streak for the sixth day running on Tuesday as global markets remained jittery with escalating worries over the state of the global economy.

The FBM KLCI fell 7.64 points to 1,426.44 at mid-morning.

Losers beat gainers by 300 to 105, while 193 counters traded unchanged. Volume was 313.65 million shares valued at RM174.98 million.

Asian shares fell on Tuesday as fears about the ability of politicians on either side of the Atlantic to tackle huge debt burdens sapped investors' confidence in riskier assets, according to Reuters.

The failure on Monday of a "super committee" of US lawmakers to reach agreement on a deficit cutting plan was another blow to market confidence hammered for weeks by Europe's inexorably worsening sovereign debt crisis, it said.

At the regional markets, Japan's Nikkei 225 shed 0.10% to 8,340.14, Hong Kong's Hang Seng Index lost 0.38% to 18,155.70, the Shanghai Composite Index fell 0.61% to 2,400.51, Taiwan's Taiex was down 0.08% to 7,037.34 and Singapore's Straits Times Index shed 0.04% to 2,696.92.

Meanwhile, South Korea's Kospi edged up 0.41% to 1,827.52.

Maybank Investment Bank Bhd's head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Nov 22 said that due to the US markets' very poor tone last night, there could be another downward day for the index.

'We advise clients to trade with a short-term time frame locally,' he said.

Among the decliners at mid-morning, Harvest Court fell 42 sen to 98 sen.

Harvest Court on Nov 21 announced Mohd Nazifuddin Najib has resigned as an independent director on Monday. He was appointed to the board on Oct 28. Nazifuddin still owns 3.98 million Harvest Court shares.

Other losers included Petronas Gas and KLK that fell 22 sen each to RM12.94 and RM20.48, MISC 16 sen to RM5.19, Sime Darby 15 sen to RM8.65, Shell and BHIC 12 sen each to RM9.58 and RM2.70, while JT International fell10 sen to RM6.30.

Sumatec was the most actively traded counter with 46.2 million shares done. The stock gained four sen to 24.5 sen.

Other actives included DPS Resources, Compugates, SAAG, MMSV, SYF Resources and Johan.

Meanwhile, gainers included Knusford, United PLANTATION []s, KrisAssets, Dutch Lady, BAT, Ekovest, UAC, Sungei Bagan and Kluang.

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