Japan's jitters weigh on Malaysia' blue chips (Update)

By Joseph Chin

KUALA LUMPUR: Malaysia's blue chips fell at midday on Monday, dragged
down by extended profit taking of banks, finance stocks but the broader
market was firmer, supported by buying interest in lower liners and
penny stocks.
At 12.30pm, the FBM KLCI was down 3.62 points to
1,769.44. Turnover was 841.87 million shares valued at RM946.76mil.
There were 427 gainers, 280 losers and 205 counters unchanged.
Reuters
reported Japan's Nikkei 225 slid more than 3% on Monday, extending last
week's severe volatility and causing investors to worry that a bout of
profit-taking had turned into lasting doubt about the growth and
riskiness of markets.
Last week's shakeout of equity, bond and
currency markets was triggered by doubts over how much weakness in the
yen Japanese policymakers would tolerate, concerns the U.S. Federal
Reserve would reduce monetary stimulus soon, and weakness in Chinese
manufacturing data.
At Bursa, among the major decliners were
Allianz-PA, down 46 sen to RM9 but with only 200 units done while
Allianz lost 25 sen to RM9.25 with 100 shares traded.
MPHB fell 39 sen to RM3.50 after its renounceable offer for sale of shares in MPHB Capital Bhd went ex on Monday.
CIMB fell nine sen to RM8.42 and erased 1.54 points from the KLCI, Hong Leong Bank lost 12 sen to RM13.92, Public Bank eight sen to RM16.70 and RHB Capital five sen to RM8.71.
Consumer stocks were among the major losers, with BAT down 40 sen to RM65, Nestle 30 sen to RM63.28 while F&N lost 14 sen to RM18.06. However, Dutch Lady rose 66 sen to RM48.86 and GAB 26 sen to RM21.26.
Crude palm oil for third-month futures fell RM3 to RM2,368. KL Kepong and PPB Group lost 10 sen each to RM21.40 and RM13.68 while conglomerate Sime Darby shed four sen to RM9.43. Other decliners were Genting Bhd and UMW, down six sen each to RM10.24 and RM14.28.
Among the key regional markets:
Japan's Nikkei 225 fell 2.57% to 14,237.18;
Hong Kong's Hang Seng Index rose 0.26% to 22,676.65;
Shanghai's Composite Index edged up 0.01% to 2,288.76;
Taiwan's Taiex rose 0.64% to 8,262.54;
South Korea's Kospi rose 0.44% to 1,982.18 and
Singapore's Straits Times Index up 0.09% to 3,396.09
The ringgit was firmer against the US dollar at 3.0298 from 3.0322.
US light crude oil fell 54 cents to US$93.61 and Brent 29 cents lower at US$102.44.
Spot gold rose US$6.05 to 1,392.69.