Noon Market Bloodbath at local market sees KLCI slump 1.81%

by **Cals** Tue 11 Aug 2015, 01:16

Noon Market
Bloodbath at local market sees KLCI slump 1.81%

KUALA LUMPUR (Aug 10): The bloodbath at the local market saw the benchmark FBM KLCI slump 1.81% at the midday break, in line with the fall at most regional markets.
At 12.30pm, the FBM KLCI lost 29.89 points to 1,652.76.
Losers thumped gainers by 878 to 66, while 154 counters traded unchanged. Volume was 1.08 billion shares valued at RM863.91 million.
The top losers included British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Top Glove Corporation Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Nestle (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Tenaga Nasional Bhd ([You must be registered and logged in to see this image.] Financial Dashboard),Malaysian Pacific Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), VS Industry Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Lii Hen Industries Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Guinness Anchor Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Latitude Tree Holdings Bhd and Time Dotcom Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
The actively traded stocks included RGB International Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Xinghe Holdings Bhd, IFCA MSC Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), APFT Bhd, The Media Shoppe Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Sumatec Resources Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and Malakoff Corporation Bhd.
The gainers included Far East Corporation Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Petronas Dagangan Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), TPC Plus Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Aturmaju Resources Bhd and D&O Green Technologies Bhd.
Asian shares fell within sight of a fresh 1½-year low while commodity currencies such as the Malaysian ringgit fell further on Monday after Chinese data highlighted a deepening slowdown in demand in the world's industrial powerhouse, according to Reuters.
News of another monthly decline in Chinese exports — its biggest fall in four months — and a collapse in producer prices shows how China's faltering industrial demand has hit global trade and sent emerging market assets reeling, it said.
BIMB Securities Research said Hong Kong and China ended sharply higher last Friday, weighing the prospects of consistent government support for the market.
It said that back home, the FBM KLCI fell 11.99 points or 0.71% to 1,682.65, triggered by foreign selling, mainly on telco and gaming stocks.
“Trading participation saw net selling by foreign institutions while local institutions and local retail were net sellers.
“Over the week, the local market experienced total outflow of over RM480 million of funds.
“We reckon the local market to remain weak in the near future with concerns over weakening ringgit, crude oil price and continuous selling by foreign institutions with strong support at 1,650–1,660 level,” it said.