Wednesday, 9 May 2012

KLCI remains in the red at mid-day as Asian markets slide

KUALA LUMPUR (May 9): The FBM KLCI remained in the red at the mid-day break on Wednesday in line with the slump at key regional markets, following the overnight fall at Wall Street.

At 12.30pm, the FBM KLCI was down 3.04 points to 1,587.56, weighed by select blue chips.

Losers beat gainers by 386 to 207, while 286 counters traded unchanged. Volume was 692.41 million shares valued at RM558.87 million.

The ringgit weakened by 0.34% to 3.0675 versus the greenback, crude palm oil futures fell RM6 per tonne to RM3,334, crude oil fell 35 cents per barrel to US$96.66 while gold lost US$14 an ounce to US$1,591.48.

Shares, gold and oil fell and the euro remained pressured on Wednesday as Greece struggled to form a government two days after an election, heightening the risk that a hard-won bailout deal could be scrapped, according to Reuters.

Radical leftist Alexis Tsipras meets the leaders of Greece's mainstream parties on Wednesday to try to form a coalition government, an effort seen as doomed after he demanded that pledges made in exchange for an European Union/International Monetary Fund rescue package be torn up, it said.

Officials estimate Greece could run out of money as soon as next month if it does not stick to the aid package terms, which kept the country solvent and in the single currency bloc, said Reuters.

At the regional markets, Japan’s Nikkei 225 lost 1.62% to 9,032.78, Hong Kong’s Hang Seng Index fell 0.94% to 20,292.00, the Shanghai Composite Index fell 1.33% to 2,416.28, Taiwan’s Taiex shed 0.86% to 7,480.85, South Korea’s Kospi fell 1.10% to 1,945.31 and Singapore’s Straits Times Index shd 0.65% to 2,912.84.

On Bursa Malaysia, BAT fell 48 sen to RM55.20, F&N down 16 sen to RM18.88, Petronas Dagangan 14 sen to RM19.80, Sarawak PLANTATION []s and MSM lost 11 sen each to RM2.92 and RM5.20, Sarawak Oil Palms and Iretex down 10 sen each to RM6.56 and RM1.20, while BLD Plantations and IJM Corp fell nine sen each to RM8.81 and RM5.45.

Harvest Court was the most actively traded counter with 48.1 million shares done. The stock fell half a sen to 70.5 sen.

Other actives included Permaju, Metronic, Ingenuity Solutions, Naim Indah Corp, Ariantec, Focus, CBSA and Perisai.

Gainers in the morning session on Wednesday included GAB, KGB, Cybertowers, MTD ACPI, Rubberex, United Plantations, Sunway, Ajinomoto, Mercury and Kawan Food.

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