Markets slip after ECB’s inaction, F&N surges

KUALA LUMPUR: Key regional markets fell in early trade on Friday as investors were disappointed after the European Central Bank failed to deliver immediate action to stem the region's debt crisis.
At
9.27am, the FBM KLCI was down 2.57 points to 1,630.88 but off the early
low of 1,627.20. Turnover was 106.03 million shares valued at
RM52.85mil. There were 116 gainers, 139 losers and 172 counters
unchanged.
Bloomberg reported the MSCI Asia Pacific Index fell
8.5% from this year's high on Feb. 29 through yesterday amid concern
policy makers won't do enough to counter Europe's debt crisis and
slowing economic growth in the U.S. and China.
The regional benchmark index traded at 12.1 times estimated earnings, compared with 13.3 for the Standard & Poor's 500 Index and 11.1 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.
At Bursa Malaysia, among the key stocks, FGV lost five sen to RM5 and Petronas Gas shed four sen to RM19.20.
Mah Sing fell six sen to RM2.38 while Pharmaniaga, IJM Plantations and Takaful lost five sen each to RM9.25, RM3.57 and RM6.31 respectively.
F&N rose 80 sen to RM20.80, extending its gains from Thursday on market talk Coca-Cola Co might be keen in the beverage business of Singapore-listed Fraser & Neave Ltd (F&N Singapore).
MHC-WA jumped 30 sen to 30.5 sen, Dutch Lady 20 sen to RM38.88 while Public Bank foreign shares added 12 sen to RM14.30.