KUALA LUMPUR (March 29): the FBM KLCI edged lower on Thursday in line with the weaker sentiment at key regional markets, following the sharp decline at the Shanghai Composite Index a day earlier.
Asian shares eased for a second day in a row on Thursday, as investors limited their risk exposures on concerns about growth prospects in the world's two largest economies, the United States and China, according to Reuters.
Commodity related assets were likely to be on the defensive after oil and copper fell the previous day, while a sharp decline in Chinese shares will weigh on the Australian dollar, as China is Australia's single largest export market, it said.
The FBM KLCI was down 0.29 of a point to 1,583.46 at 10am. Gainers trailed losers by 143 ti 208, while 238 counters traded unchanged. Volume was 356.91 million shares valued at RN160.94 million.
At the regional markets, Japan’s Nikkei fell 0.88% to 10,093.20, Hong Kong’Hang Seng Index lost 1.13% to 20,649.60, the Shanghai Composite Index shed 0.75% to 2,267.81, Taiwan’s taiex lost 1.83% to 7,890.95, South Korea’s Kospi fell 1.26% to 2,006.14 and Singapore’s Straits Times Index fell 0.54% to 2,999.55.
BIMB Securities Research in a note March 29 said equity markets ended lower (on March 28) amid a directionless trading day.
With no new developments, traders revisited “old” concerns of slowing global economy to justify their selling on oil and commodities related stocks, it said.
“As a consequence, the Dow Jones Industrial Average dipped almost 72 points to 13,126. Reflecting the less than optimistic sentiments, European bourses also succumbed to the selling pressure and closed yesterday’s session broadly lower,” it said.
The research house said Asian equities followed suit with only a handful managed to close on a positive territory.
Taking cue from a weaker regional performance, the FBM KLCI lost 4 points to just below the immediate 1,585 support at 1,583.75, it said.
“Meanwhile, we again saw a net foreign participation of RM132 million yesterday pushing year-to-date total to RM4.67billion.
“Although the amount is not huge, foreign funds have been trickling in continuously for the month of March with a cumulative amount of a whopping RM2.8 billion. We expect some market weakness today with the immediate support at 1,580,” it said.
On Bursa Malaysia, GAB was the top loser at mid-morning and fell 16 sen to RM13.08, BLD PLANTATION []s down 15 sen to RM9.25, RHB Capital nine sen to RM&.81, Hong Leong Bank, Panasonic and Tenaga fell eight sen each to RM12.14, RM21.92 and RM6.34 respectively, SBC Corp seven sen to 91 sen, while Nestle, KrisAssets and HLFG fell six sen each to RM55.90, RM6.94 and RM12.22 respectively.
Naim Indah Corp was the most actively traded counter wit h 47.23 million shares done. The stock rose 1.5 sen to 49.5 sen.
Other actives included SuperComnet, Ariantec, metronic, Iris Corp, Key West, Hubline warrants and Bintai.
Gainers included Dutch Lady, BAT, Toyo Ink, shell, Crescendo, MUH, Southern acids, UAC and MISC.
Asian shares eased for a second day in a row on Thursday, as investors limited their risk exposures on concerns about growth prospects in the world's two largest economies, the United States and China, according to Reuters.
Commodity related assets were likely to be on the defensive after oil and copper fell the previous day, while a sharp decline in Chinese shares will weigh on the Australian dollar, as China is Australia's single largest export market, it said.
The FBM KLCI was down 0.29 of a point to 1,583.46 at 10am. Gainers trailed losers by 143 ti 208, while 238 counters traded unchanged. Volume was 356.91 million shares valued at RN160.94 million.
At the regional markets, Japan’s Nikkei fell 0.88% to 10,093.20, Hong Kong’Hang Seng Index lost 1.13% to 20,649.60, the Shanghai Composite Index shed 0.75% to 2,267.81, Taiwan’s taiex lost 1.83% to 7,890.95, South Korea’s Kospi fell 1.26% to 2,006.14 and Singapore’s Straits Times Index fell 0.54% to 2,999.55.
BIMB Securities Research in a note March 29 said equity markets ended lower (on March 28) amid a directionless trading day.
With no new developments, traders revisited “old” concerns of slowing global economy to justify their selling on oil and commodities related stocks, it said.
“As a consequence, the Dow Jones Industrial Average dipped almost 72 points to 13,126. Reflecting the less than optimistic sentiments, European bourses also succumbed to the selling pressure and closed yesterday’s session broadly lower,” it said.
The research house said Asian equities followed suit with only a handful managed to close on a positive territory.
Taking cue from a weaker regional performance, the FBM KLCI lost 4 points to just below the immediate 1,585 support at 1,583.75, it said.
“Meanwhile, we again saw a net foreign participation of RM132 million yesterday pushing year-to-date total to RM4.67billion.
“Although the amount is not huge, foreign funds have been trickling in continuously for the month of March with a cumulative amount of a whopping RM2.8 billion. We expect some market weakness today with the immediate support at 1,580,” it said.
On Bursa Malaysia, GAB was the top loser at mid-morning and fell 16 sen to RM13.08, BLD PLANTATION []s down 15 sen to RM9.25, RHB Capital nine sen to RM&.81, Hong Leong Bank, Panasonic and Tenaga fell eight sen each to RM12.14, RM21.92 and RM6.34 respectively, SBC Corp seven sen to 91 sen, while Nestle, KrisAssets and HLFG fell six sen each to RM55.90, RM6.94 and RM12.22 respectively.
Naim Indah Corp was the most actively traded counter wit h 47.23 million shares done. The stock rose 1.5 sen to 49.5 sen.
Other actives included SuperComnet, Ariantec, metronic, Iris Corp, Key West, Hubline warrants and Bintai.
Gainers included Dutch Lady, BAT, Toyo Ink, shell, Crescendo, MUH, Southern acids, UAC and MISC.
