Friday, December 9, 2011

Asian market extend losses on EU summit uncertainties

KUALA LUMPUR (Dec 9): The FBM KLCI fell 0.98% at the mid-day break on Friday as losses at key Asian markets widened on increasing concern that European policy makers would not be able to formulate concrete plans to solve the eurozone debt crisis.

The FBM KLCI fell 14.58 points to 1,458.44, weighed by losses at blue chips including Genting, Petronas Dagangan and KLK.

Market breadth was negative with losers beating gainers by 471 to 136, while 237 counters traded unchanged. Volume was 727.43 million shares valued at RM485.12 million.

The ringgit weakened 0.70% to 3.1540 versus the US dollar; crude palm oil futures for the third month delivery fell RM2 per tonne to RM3,085, crude oil slipped 20 cents per barrel to US$98.14 whole gold gained US$1.38 an ounce to US$1,709.75.

Losses at regional markets accelerated after EU diplomats said it had been agreed that a new permanent bailout fund would not have a banking licence, meaning it would not be able to borrow from the European Central Bank (ECB), according to Reuters.

At the regional markets, Hong Kong's Hang Seng Index lost 2.63% to 18,605.92, Japan's Nikkei 225 fell 1.63% to 8,522.98, South Korea's Kospi was down 2.04% to 1,873.33, Singapore's Straits Times Index lost 1.15% to 2,696.90, Taiwan's Taiex fell 1% to 6,913.13 and the Shanghai Composite Index shed 0.63% to 2,315.24.

On Bursa Malaysia, KLK was the top loser this morning and fell 70 sen to RM22.30; Nestle was down 30 sen to RM53.80, BAT and Petronas Dagangan down 28 sen each to RM47.12 and RM16.90, Genting 26 sen to RM10.62, BLD PLANTATION []s 25 sen to RM7.05, HLFG 24 sen to RM11.26, PPB 22 sen to RM16.28, MISC 18 sen to RM5.77 and AMMB down 17 sen to RM5.73.

Compugates was the most actively traded counter with 61.5 million shares done. The stock was unchanged at 7 sen.

Other actives included Versatile, SYF Resources, DPS Resources, Pavilion REIT, Takaso, Utopia and LFE Corp.

Gainers this morning included Dutch Lady, Cycle & Carriage, Aeon, F&N, Riverview, Kretam and Asas.

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