Tuesday, 24 April 2012

Regional markets jolted by European woes, KLCI falls below 1,580

KUALA LUMPUR (April 24): The FBM KLCI fell below the psychologically crucial 1,580-level on Tuesday, in line with the sharply lower key regional markets that retreated on the back of the economic and political uncertainties emanating from Europe.

At 9.01am, the FBM KLCI fell 4.21 points to 1,579.59, weighed by losses at select blue chips.

Losers edged gainers by 56 to 55 in early trade. Volume was 33.81 million shares value at RM19.07 million.

Asian shares fell on Tuesday as political uncertainty and disappointing data in Europe raised fears the euro zone could struggle to push through austerity measures and may stay in recession until late in the year, according to Reuters.

Meanhilwe, US stocks fell over 1% overnight and European equities plunged to a three-month low on Monday, hurt by data showing the euro zone's business slump deepened at a far faster pace than expected in April, it said.

Among the early decliners on Bursa Malaysia were Petronas Dagangan, Genting PLANTATION []s,Pintaras, AirAsia, RHB Capital, Axiata, Genting, top Glove and Maybank.

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