KLCI in the red at mid-day break

by **hlk** Tue 02 Aug 2011, 14:13

KUALA LUMPUR: The euphoria seen at Asian markets on the first trading day of August died down on Tuesday, Aug 2 as the reality of a looming global economic slowdown pushed key regional indices sharply lower.

Asian markets showed little joy at the result from the US House of Representatives to pass a measure to increase the country’s debt ceiling.

Instead, the regional bourses trended lower as the world’s manufacturing sector fell to its slowest pace in two years in July.

The FBM KLCI shed 0.09% or 1.44 points to 1,556.57 at 12.30pm. Losers beat gainers by 410 to 217, while 262 counters traded unchanged. Volume was 429.18 million shares valued at RM610.19 million.

The ringgit weakened 0.35% to 2.9529 versus the US dollar; crude palm oil futures for the third month delivery shed RM3 per tonne to RM3,117, crude oil added one cent per barrel to US$94.90 and gold gained US$2.20 an ounce to US$1,621.20.

At the regional markets, Japan’s Nikkei 225 fell 1.35% to 9,830.70, the Shanghai Composite Index lost 1.61% to 2,660.20, South Korea’s Kospi slumped 2.15% to 2,125.69, Taiwan’s Taiex lost 1.53% to 8,568.30, Singapore’s Straits Times Index down 0.94% to 3,185.14 while Hong Kong’s Hang Seng Index shed 0.69% to 22,506.07.

Among the losers on Bursa Malaysia, QSR fell 12 sen to RM6.44, MPI and Uzma lost 11 sen each to RM4.05 and RM1.87, Asia File 10 sen to RM3.90, Kwantas, Far East, Toyo Ink and Sarawak Cables fell nine sen each to RM2.20, RM7.11, RM1.40 and RM2.24 respectively, while Nestle and Tien Wah lost eight sen each to RM47.70 and RM1.66.

Lion Corp was the most actively traded counter with 16.56 million shares done. The stock added two sen to 29.5 sen.

Other actives included DVM, Bertam, Lion Diversified, Asia Media, Petronas Chemicals, Tricubes and Lion Industries.

Gainers were led by Subur Tiasa that rose 68 sen to RM3.20; United PLANTATION []s 52 sen to RM21, Pulai Springs 24 sen to RM1.14, Tahps 20 sen to RM4.50, Kenmark 14 sen to RM1.15, Lion Industries and AirAsia 12 sen each to RM1.78 and RM4.11, while Chin Teck, BLD Plantations and F&N added 10 sen each to RM8.88, RM6.80 and RM19.40 respectively.