Monday, 7 May 2012

Asian markets mired in red as Europe stumbles

KUALA LUMPUR (May7): The FBM KLCI fell on Monday as Asian markets were mired in the red as European markets stumbled following election outcomes in France, Greece and Italy that raised concerns on whether euro zone economies will continue to pursue austerity measures.

Meanwhile, European equities slumped to 4-1/2 month lows on Monday after elections in France and Greece that reflected deep public discontent over austerity measures and cast doubt over the euro zone's ability to fix its debt crisis, according to Reuters.

Greece's benchmark stock index fell by more than 7 percent in early morning trading on Monday, after the country's main parties failed to win enough votes to form a ruling coalition following elections on Sunday, it said.

Royal Bank of Scotland strategists in a note Monday said the results of a number of elections across Europe that took place over the weekend were likely to keep the market squarely focused on politics this week, and on the results implications for the European policy response devised to address the debt crisis so far.

The FBM KLCI fell 6.71 points to 1,584.87 at 5pm, weighed by losses at select blue chips.

Market breadth was negative with 540 losers, 208 gainers and 305 counters trading unchanged. Volume was 963.02 million shares valued at RM1.19 billion.

At the regional markets, Japan’s Nikkei 225 lost 2.78% to 9,119.14, Hong Kong’s Hang Seng Index lost 2.61% to 20,536.65, Taiwan’s Taiex fell 2.11% to 7,538.08, South Korea’s Kospi was down 1.64% to 1,956.44 and Singapore’s Straits Times Index lost 2.08% to 2,928.34.

On Bursa Malaysia, Dutch Lady was the top loser and fell 34 sen to RM33.04, Tradewinds PLANTATION []s lost 23 sen to RM5.75, Tradewinds down 22 sen to RM9.82, SAM Engineering 19 sen to RM3.01, Hong Leong Bank, Genting Plantations and IJM Corp lost 16 sen each to RM12.20, RM9.44 and RM5.42 respectively, Allianz and Tahps down 15 sen each to RM4.60 and RM4.65, while Atlan fell 14 sen to RM4.26.

SAAG was the most actively traded counter with 48.97 million shares done. The stock gaindd half a sen to 7 sen.

Other actives included Ariantec, Time, Maybulk, Benalec, KFCH, Metronic, permaju, Naim Indah Corp and JCY.

Meanwhile, the gainers on Monday included Permaju, Country View, PMB Tech, Tasek, GAB, Lafarge Malayan Cement, MKH, KESM, Nestle and HLFG.

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