MARKET DEVELOPMENT
Key Asian Markets Slump, KLCI Slides 12 Points
Key Asian Markets Slump, KLCI Slides 12 Points
23/09/2014 (The Star) - Key Asian markets and Bursa Malaysia followed Wall Street lower in early Tuesday trade as worries mounted over China’s economic health.
At 9.18am, the KLCI was down 12.44 points to 1,833.61. Turnover was 218.57 million shares valued at RM114.84mil. There were 119 gainers, 199 losers and 201 counters unchanged.
Bloomberg reported the MSCI Asia Pacific excluding Japan Index lost 0.3%, falling a second day with Japanese markets closed for a holiday.
BIMB Securities Research said weak US housing data and concerns over China’s economic health had investors selling down on equities.
The research house said investors were particularly dismayed that China would not increase its stimulus measures as the DJI Average dipped 107 points to close at 17,172.68. European stocks fell on worries over China with mining stocks being the worst hit.
“Locally, the FBM KLCI was not spared either as the local bourse succumbed to profit taking in tandem with the regional weaknesses as the index lost 3.44 points at 1,846.05.
“Profit taking by foreign funds persists as we saw another net outflow yesterday albeit at a minimal quantum. We do not anticipate any positive catalysts in the immediate term thus expect the KLCI to remain flattish with the immediate resistance at 1,850,” said BIMB Securities Research.
Petronas Gas fell 74 sen to RM22.24 and Petronas Dagangan was down 22 sen to RM19.82.
BAT fell 48 sen to RM70.12 with just 200 shares done after it reversed its decision to hike the prices of its cigarettes on Tuesday.
Weak crude palm oil prices dragged KL Kepong down 22 sen to RM20.99 and Genting Plantations lost 18 sen to RM10.12 while IOI Corp was down 12 sen to RM4.78.
Dutch Lady fell 34 sen to RM45.90 and Nestle 10 sen to RM66.30.
Public Bank lost 14 sen to RM18.98 in active trade.
BHS Industries extended its gains for the second day, adding 15 sen to RM3.45. Sunway rose 10 sen to RM3.62.
Berjaya Auto rose eight sen to RM3.28 after CIMB Equities Research has initiate coverage with an Add call and a target price of RM4.44.
Mitrajaya-WC added 6.5 sen to 59.5 sen and Mitrajaya six sen to RM1.01 after the company secured a RM270mil contract.
At 9.18am, the KLCI was down 12.44 points to 1,833.61. Turnover was 218.57 million shares valued at RM114.84mil. There were 119 gainers, 199 losers and 201 counters unchanged.
Bloomberg reported the MSCI Asia Pacific excluding Japan Index lost 0.3%, falling a second day with Japanese markets closed for a holiday.
BIMB Securities Research said weak US housing data and concerns over China’s economic health had investors selling down on equities.
The research house said investors were particularly dismayed that China would not increase its stimulus measures as the DJI Average dipped 107 points to close at 17,172.68. European stocks fell on worries over China with mining stocks being the worst hit.
“Locally, the FBM KLCI was not spared either as the local bourse succumbed to profit taking in tandem with the regional weaknesses as the index lost 3.44 points at 1,846.05.
“Profit taking by foreign funds persists as we saw another net outflow yesterday albeit at a minimal quantum. We do not anticipate any positive catalysts in the immediate term thus expect the KLCI to remain flattish with the immediate resistance at 1,850,” said BIMB Securities Research.
Petronas Gas fell 74 sen to RM22.24 and Petronas Dagangan was down 22 sen to RM19.82.
BAT fell 48 sen to RM70.12 with just 200 shares done after it reversed its decision to hike the prices of its cigarettes on Tuesday.
Weak crude palm oil prices dragged KL Kepong down 22 sen to RM20.99 and Genting Plantations lost 18 sen to RM10.12 while IOI Corp was down 12 sen to RM4.78.
Dutch Lady fell 34 sen to RM45.90 and Nestle 10 sen to RM66.30.
Public Bank lost 14 sen to RM18.98 in active trade.
BHS Industries extended its gains for the second day, adding 15 sen to RM3.45. Sunway rose 10 sen to RM3.62.
Berjaya Auto rose eight sen to RM3.28 after CIMB Equities Research has initiate coverage with an Add call and a target price of RM4.44.
Mitrajaya-WC added 6.5 sen to 59.5 sen and Mitrajaya six sen to RM1.01 after the company secured a RM270mil contract.