Malaysian big stocks see heavy selling

Share prices on Bursa Malaysia closed sharply lower yesterday as the market lost ground after three days of gains, the local market was also in line with the fall on regional markets amid an escalating debt crisis in Europe, dealers said.

Renewed fears over the unresolved debt problem in Italy, which is pressuring the country to seek a bailout, fuelled concerns over its impact on the eurozone and global economy.

Heavy selling in heavyweights dragged the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) down 16.99 points to 1,472.65 at the close.

The Finance Index fell 98.70 points to 13,183.47, the Plantation Index declined 99.12 points to 7,486.92 and the Industrial Index eased 30.19 points to 2,696.05.

The FBM Emas Index slid 110.19 points to 10,043.42, the FBM Mid 70 Index eased 107.63 points to 10,803.40 and the FBM ACE Index shed 16.42 points to 4,260.47.

Losers led gainers 568 to 227 with 212 counters unchanged, 468 counters untraded and 23 others suspended.

Of the actives, Patimas Computers gained two sen to 7.5 sen, ES Ceramics Technology was unchanged at 12.5 sen, Sumatec Resources appreciated by 5.5 sen to 19.5 sen and SAAG Consolidated increased 1/2 sen to eight sen.

Among heavyweights, Maybank rose two sen to RM8.24, CIMB decreased 10 sen to RM7.26, Sime Darby slipped six sen to RM8.86 and Petronas Chemicals depreciated by nine sen to RM6.39.

Volume on the Main Market decreased to 1.977 billion shares worth RM1.378 billion from 2.008 billion shares worth RM1.731 billion on Wednesday. Bernama

Bursa Malaysia’s trading volume surges to 2.6b

KUALA LUMPUR (Nov 10): Heavy trading of penny stocks pushed the overall volume on Bursa Malaysia to multi-months high of 2.64 billion units on Thursday as traders switched in and out of stocks which had been under the radar screen of investors for months.

At the close, the FBM KLCI fell 16.99 points or 1.14% to 1,472.65. Turnover was 2.64 billion shares valued at RM1.46 billion. There were 227 gainers, 568 losers and 212 stocks unchanged.

Other key regional markets fared worse, with Hong Kong shares down more than 5%, wiping out almost a week's gains, as Europe's escalating debt crisis and weak results from the likes of HSBC Holdings sent investors rushing for the exits, Reuters reported.

Financials bore the brunt of the sell-off, with Chinese banks under additional pressure after Goldman Sachs' sold parts of its stake in top lender Industrial & Commercial Bank of China .

The Hong Kong benchmark index ended 5.3% lower or down 1,050.54 points to 18,963.89, while the Shanghai Composite fell 1.8% to 2,480. The Nikkei 225 lost 2.91% to 8,500.80, South Korea’s Kospi 4.94% to 1,813.25 and Singapore’s Straits Times Index 2.51% lower at 2,786.90.

At Bursa Malaysia, Genting fell 32 sen to RM10.68, dragging the KLCI down 2.74 points while IOI lost 12 sen to RM5.05, pushing the index down 1.78 points.

Nestle and BAT fell 50 sen each to RM49 and RM46.10 while KLK and Genting lost 32 sen each to Rm20.82 and RM10.68. PPB declined 30 sen to RM16.84, United PLANTATION []s 28 sen to RM17.60.

MISC fell 17 sen to RM6.78, Tenaga 13 sen to RM5.79 and CIMB 10 sen to RM7.26 while Petronas Chemicals shed nine sen to RM6.39 and Sime six sen to RM8.86.

Among the penny stocks, Patimas rose two sen to 7.5 sen with 106.91 million shares done in the absence of any corporate developments. Sumatec added 5.5 sen to 19.5 sen and the warrants 5.5 sen to 14 sen while SAAG edged up five sen to eight sen.

Market Commentary

The FBM KLCI index lost 16.99 points or 1.14% on Thursday. The Finance Index fell 0.74% to 13183.47 points, the Properties Index dropped 1.52% to 945 points and the Plantation Index down 1.31% to 7486.92 points. The market traded within a range of 8.48 points between an intra-day high of 1474.73 and a low of 1466.25 during the session.

Actively traded stocks include PATIMAS, ESCERAM, SUMATEC, SAAG, SUMATEC-WA, TRINITY, TIGER, HUBLINE, DATAPRP and IRIS. Trading volume decreased to 2644.11 mil shares worth RM1462.10 mil as compared to Wednesday’s 2677.72 mil shares worth RM1818.10 mil.

Leading Movers were MAYBANK (+2 sen to RM8.24) and MAXIS (+1 sen to RM5.27). Lagging Movers were GENTING (-32 sen to RM10.68), IOICORP (-12 sen to RM5.05), CIMB (-10 sen to RM7.26), TENAGA (-13 sen to RM5.79) and AXIATA (-6 sen to RM4.90). Market breadth was negative with 227 gainers as compared to 568 losers.-- JF Apex Securities Bhd

KL shares lower at mid-afternoon

Share prices on Bursa Malaysia remained in negative territory at midafternoon today on continued selling pressure in heavyweights, dealers said.

The dealers also said the market lost ground after three days of advances in tandem with the overnight losses on Wall Street and regional markets, on renewed fears over unresolved debt problems in Italy, which is pressuring the country to seek a bailout.

As at 3.06 pm,, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 18.90 points to 1,470.74, after opening 20.41 points lower at 1,469.23.

The Finance Index fell 115.979 points to 13,166.19, the Plantation Index declined 100.02 points to 7,486.02 and the Industrial Index eased 31.24 points to 2,695.

The FBM Emas Index slid 117 points to 10,036.61, the FBM Mid 70 Index eased 116.45 points to 10,794.58 and the FBM ACE Index shed 14.44 points to 4,262.45.

Losers led gainers 552 to 182 with 177 counters unchanged, 564 counters untraded and 22 others suspended. Turnover stood at 1.913 billion shares worth RM888.969 million.

For the actives, Patimas Computers gained two sen to 7.5 sen while SAAG Consolidated, ES Ceramics Technology and Iris Corporation, all increased half-a-sen each to eight sen, 13 sen and 17.5 sen respectively.

Among heavyweights, Maybank fell one sen to RM8.21, CIMB decreased nine sen to RM7.27, Sime Darby slipped six sen to RM8.86 and Petronas Chemicals eased 13 sen to RM6.35. -- Bernama

KL shares sharply lower at midday

Share prices on Bursa Malaysia extended the downtrend at midday today on continued selling pressure in heavyweights, dealers said.

The dealers also said the market moved in tandem with the overnight losses on Wall Street and renewed fears over unresolved debt problems in Italy, which is pressuring the country to seek a bailout.

At midday, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 17.73 points to 1,471.91 after opening 20.41 points lower at 1,469.23.

The Finance Index fell 118.31 points to 13,163.51, the Plantation Index declined 107.74 points to 7,478.30 and the Industrial Index eased 31.46 points to 2,694.78.

The FBM Emas Index slid 116.08 points to 10,037.39, the FBM Mid 70 Index eased 125.23 points to 10,785.80 and the FBM ACE Index shed 13.24 points to 4,263.65.

Losers led gainers 525 to 169 with 173 counters unchanged, 608 counters untraded and 22 others suspended. Turnover stood at 1.618 billion shares worth RM710.229 million.

For the actives, Patimas Computers gained 2.5 sen to eight sen, SAAG Consolidated increased half-a-sen to eight sen, ES Ceramics Technology rose one sen to 13.5 sen and Iris Corporation gained half-a-sen to 17.5 sen.

Among heavyweights, Maybank fell two sen to RM8.20, CIMB declined seven sen to RM7.29, Sime Darby slipped nine sen to RM8.83 and Petronas Chemicals eased 13 sen to RM6.35. -- Bernama

Market Commentary

The FBM KLCI index lost 8.58 points or 0.58% on Thursday. The Finance Index fell 0.93% to 13151.05 points, the Properties Index dropped 1.36% to 941.04 points and the Plantation Index down 0.63% to 7471.31 points. The market traded within a range of 20.81 points between an intra-day high of 1473.45 and a low of 1452.64 during the session.

Actively traded stocks include KBUNAI, HARVEST-WA, TEJARI, HARVEST, IRIS, COMPUGT, TEJARI-WA, INGENS, SAAG and PATIMAS. Trading volume increased to 1755.13 mil shares worth RM1140.07 mil as compared to Wednesday’s 1564.93 mil shares worth RM1693.74 mil.

Leading Movers were GENTING (+10 sen to RM10.36), DIGI (+18 sen to RM32.48), UMW (+7 sen to RM6.82), YTL (+1 sen to RM1.50) and BAT (+20 sen to RM46.20). Lagging Movers were CIMB (-12 sen to RM7.19), TENAGA (-14 sen to RM5.72), AXIATA (-6 sen to RM4.80), MAYBANK (-6 sen to RM8.22) and IOICORP (-6 sen to RM5.08). Market breadth was negative with 226 gainers as compared to 524 losers.-- JF Apex Securities Bhd