KUALA LUMPUR: Asian markets mostly fell on Wednesday, July 27 in line with the overnight decline at Wall Street as sentiment became tepid with the lack of progress on a plan to lift the US debt ceiling.
At Bursa Malaysia, ICT service provider Prestariang Bhd made a weak debut and fell below its IPO price of 90 sen.
The FBM KLCI managed to hover above the 1,560-point level at mid-morning, but the index fell during early trade, keeping with the regional trend. At 10am, the index edged up 0.62 point to 1,562.39.
Losers led gainers by 176 to 171, while 224 counters traded unchanged. Volume was 219.94 million shares valued at RM249.52 million.
At the regional markets, Japan's Nikkei 225 fell 0.56% to 10,041.01, Hong Kong's Hang Seng Index shed 0.20% to 22,526.13, the Shanghai Composite Index lost 0.67% to 2,685.03, Singapore's Straits Times Index fell 0.41% to 3,173.48, South Korea's Kospi declined 0.32% to 2,161.85 while Taiwan's Taiex was flat at 8,794.63.
BIMB Securities Research in a note July 27 said traders were 'sweating on the ceiling' the August 2 deadline draws nearer.
Even the optimistic ones are getting the jitters as the politicians are playing hardball over their respective policies without any compromise in sight, it said.
The research house such developments may have adverse impact on the performance of regional bourses today after a slight rebound yesterday.
'Such is the volatility that the regional bourses are currently undergoing; Malaysia by virtue of our lower market beta offers a relative calmer trading environment.
'We expect the FBM KLCI to hover around the 1,560 level which seems to be a rather strong support at the moment,' it said.
Newly-listed Prestariang was the most actively traded counter with 25.53 million shares done. The stock fell 3.5 sen to 86.5 sen.
Other actives included Zelan, Ingenuity Solutions, Zecon, Peterlabs, Lion Corp and Petronas Chemicals.
Among the gainers, SCIB rose 21.5 sen to 56.5 sen, Shell and United PLANTATION []s 20 sen each to RM10.50 and RM2.20, Zecon 17.5 sen to 95.5 sen, KLK and DiGi 16 sen each to RM21.84 and RM30.26, Telekom 12 sen to RM4.11 and Kulim 11 sen to RM3.68.
Decliners at mid-morning included TGL, Subur Tiasa, CI Holdings, Tasek, Hong Leong Bank, Press Metal, Hong Leong Industries, Genting Malaysia and TSH.s
At Bursa Malaysia, ICT service provider Prestariang Bhd made a weak debut and fell below its IPO price of 90 sen.
The FBM KLCI managed to hover above the 1,560-point level at mid-morning, but the index fell during early trade, keeping with the regional trend. At 10am, the index edged up 0.62 point to 1,562.39.
Losers led gainers by 176 to 171, while 224 counters traded unchanged. Volume was 219.94 million shares valued at RM249.52 million.
At the regional markets, Japan's Nikkei 225 fell 0.56% to 10,041.01, Hong Kong's Hang Seng Index shed 0.20% to 22,526.13, the Shanghai Composite Index lost 0.67% to 2,685.03, Singapore's Straits Times Index fell 0.41% to 3,173.48, South Korea's Kospi declined 0.32% to 2,161.85 while Taiwan's Taiex was flat at 8,794.63.
BIMB Securities Research in a note July 27 said traders were 'sweating on the ceiling' the August 2 deadline draws nearer.
Even the optimistic ones are getting the jitters as the politicians are playing hardball over their respective policies without any compromise in sight, it said.
The research house such developments may have adverse impact on the performance of regional bourses today after a slight rebound yesterday.
'Such is the volatility that the regional bourses are currently undergoing; Malaysia by virtue of our lower market beta offers a relative calmer trading environment.
'We expect the FBM KLCI to hover around the 1,560 level which seems to be a rather strong support at the moment,' it said.
Newly-listed Prestariang was the most actively traded counter with 25.53 million shares done. The stock fell 3.5 sen to 86.5 sen.
Other actives included Zelan, Ingenuity Solutions, Zecon, Peterlabs, Lion Corp and Petronas Chemicals.
Among the gainers, SCIB rose 21.5 sen to 56.5 sen, Shell and United PLANTATION []s 20 sen each to RM10.50 and RM2.20, Zecon 17.5 sen to 95.5 sen, KLK and DiGi 16 sen each to RM21.84 and RM30.26, Telekom 12 sen to RM4.11 and Kulim 11 sen to RM3.68.
Decliners at mid-morning included TGL, Subur Tiasa, CI Holdings, Tasek, Hong Leong Bank, Press Metal, Hong Leong Industries, Genting Malaysia and TSH.s
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