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Asian stocks retreat on China manufacturing slowdown
by hlk Thu 21 Jul 2011, 13:26
KUALA LUMPUR: Asian stocks mostly retreated on Thursday, July 21 after a China manufacturing gauge reflected contraction for the first time in a year.
The HSBC flash PMI, the earliest available indicator of industrial activity in China, the world's No 2 oil consumer, fell to 48.9 in July, its lowest since March 2009, as monetary policy tightening and slack global demand weighed on the economy.
The index was last below 50 in July 2010. The 50-point level in the PMI demarcates expansion from contraction, with a reading above 50 indicating growth.
Investor sentiment also remains jittery as questions remain about Europe, including whether the second bailout of Greece will address contagion in other fiscally weak countries such as Portugal and Ireland or even Spain and Italy, whose bond markets have been savaged in July.
The FBM KLCI was up 0.18 point to 1,562.77 at the mid-day break. But market breadth was relatively negative with losers edging gainers by 326 to 256, while 299 counters traded unchanged. Volume was 698.89 million shares.
The ringgit strengthened 0.16% to 2.9957 versus the US dollar; crude palm oil futures for the third month delivery fell RM5 per tonne to RM3,148, crude oil slipped 11 cents per barrel to US$98.29 while gold rose US$1.70 an ounce to US$1,602.20.
At the regional markets, the Shanghai Composite Index fell 0.62% to 2,776.93, South Korea’s Kospi lost 0.88% to 2,135.88, Hong Kong’s Hang Seng Index declined 0.23% to 21,953.36, Japan’s Nikkei 225 was down 0.15% to 9,991.31 and Taiwan Taiex shed 0.09% to 8,698.33.
Meanwhile, Singapore’s Straits Times Index edged up 0.04% 3,127.73.
On Bursa Malaysia, Bumi Armada made a strong Main Market debut and was the most actively traded counter. The stock jumped RM1.01 to RM4.04 with 233.3 million shares done.
BAT was up 26 sen to RM46.20, Nestle 22 sen to RM47.52, RHB Capital 15 sen to RM9.15, HLFG 14 sen to RM13.48, Bursa, Boustead and DiGi added 12 sen each to RM7.85, RM5.91 and RM29.96 respectively, while WCT and Cypark gained 11 sen each to RM3.10 and RM1.91.
Among the decliners, Sindora fell 24 sen to RM2.66, MSM 13 sen to RM5.45, UMW and GAB fell 10 sen each to RM7.34 and RM10.40, Tenaga eight sen to RM6.51 while JT International and Tan Chong fell seven sen each to RM7.11 and RM4.81.
The actives included Ingenuity Solutions, Flonic, Hubline, CIMB and Systech.
The HSBC flash PMI, the earliest available indicator of industrial activity in China, the world's No 2 oil consumer, fell to 48.9 in July, its lowest since March 2009, as monetary policy tightening and slack global demand weighed on the economy.
The index was last below 50 in July 2010. The 50-point level in the PMI demarcates expansion from contraction, with a reading above 50 indicating growth.
Investor sentiment also remains jittery as questions remain about Europe, including whether the second bailout of Greece will address contagion in other fiscally weak countries such as Portugal and Ireland or even Spain and Italy, whose bond markets have been savaged in July.
The FBM KLCI was up 0.18 point to 1,562.77 at the mid-day break. But market breadth was relatively negative with losers edging gainers by 326 to 256, while 299 counters traded unchanged. Volume was 698.89 million shares.
The ringgit strengthened 0.16% to 2.9957 versus the US dollar; crude palm oil futures for the third month delivery fell RM5 per tonne to RM3,148, crude oil slipped 11 cents per barrel to US$98.29 while gold rose US$1.70 an ounce to US$1,602.20.
At the regional markets, the Shanghai Composite Index fell 0.62% to 2,776.93, South Korea’s Kospi lost 0.88% to 2,135.88, Hong Kong’s Hang Seng Index declined 0.23% to 21,953.36, Japan’s Nikkei 225 was down 0.15% to 9,991.31 and Taiwan Taiex shed 0.09% to 8,698.33.
Meanwhile, Singapore’s Straits Times Index edged up 0.04% 3,127.73.
On Bursa Malaysia, Bumi Armada made a strong Main Market debut and was the most actively traded counter. The stock jumped RM1.01 to RM4.04 with 233.3 million shares done.
BAT was up 26 sen to RM46.20, Nestle 22 sen to RM47.52, RHB Capital 15 sen to RM9.15, HLFG 14 sen to RM13.48, Bursa, Boustead and DiGi added 12 sen each to RM7.85, RM5.91 and RM29.96 respectively, while WCT and Cypark gained 11 sen each to RM3.10 and RM1.91.
Among the decliners, Sindora fell 24 sen to RM2.66, MSM 13 sen to RM5.45, UMW and GAB fell 10 sen each to RM7.34 and RM10.40, Tenaga eight sen to RM6.51 while JT International and Tan Chong fell seven sen each to RM7.11 and RM4.81.
The actives included Ingenuity Solutions, Flonic, Hubline, CIMB and Systech.
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