European, key Asian markets fall on weaker outlook

KUALA LUMPUR: Key European and Asian markets fell on Thursday, with
South Korea's Kospi down 2.24%, on investors' worries about a weakening
global growth outlook.
At Bursa Malaysia, the FBM KLCI was down
2.71 points to 1,626.74 at 3.25pm. Turnover was 889.91 million shares
valued at RM940.56mil. The number of declining counters increased to
457 versus 270 gainers.
However, investors could take comfort
from Moody's Investors Service's comments the outlook for Malaysia's
banking system in the next 12 to 18 months was stable though it
expected GDP growth to be slower at 4% compared with 5.1% last year.
Reuters
reported a surprise rate cut in South Korea, a 50-basis point cut in
Brazil to a record low and a lack of any clear policy action by the Bank of Japan added to the cautious mood, favouring the US dollar and safe-haven assets.
The
dollar greenback measured against a basket of key currencies , rose to
a two-year high of 83.61 in overnight trade before settling around
83.49 in early European activity, pushing the euro to near a two-year
low of $1.2234.
South Korea's Kospi fell 2.24% to 1,785.39;
Japan's Nikkei 225 fell 1.48% to 8,720.01 and Hong Kong's Hang Seng
Index 1.99% lower at 19,032.66.
European markets were in the red, with the Euro Stoxx down 0.63% to 2,232.12, FTSE 100 fell 0.68% to 5,626.20.
At Bursa Malaysia, Cyber Towers lost 42 sen to RM1.52, Jaya Tiasa 19 sen to RM8.80, Genting 18 sen to RM9.62 while TDM lost 15 sen to RM4.60 and FGV 12 sen to RM5.38.