Asian markets extend losses

KUALA LUMPUR: Investors continued to prefer gold over equities despite assurances by policymakers from Asia and Europe in taking action to stem another global financial crisis.

Asian markets closed lower on Monday in reaction to last Friday's downgrade by Standard & Poor's of US sovereign credit while European markets fluctuated between gains and losses in volatile trade.

Spot gold soared US$41.94 or 2.54% to US$1,705.89 at 5pm. The precious metal had earlier advanced to an all-time high of US$1,715.17. Silver advanced US$1.52.
KUALA LUMPUR: An investor looks at stock prices at a bank in Kuala Lumpur on Monday. Asian stocks nose-dived Monday as the first-ever downgrade of the U.S. government's credit rating jolted the global financial system, reinforcing fears of a rapid slowdown in economic growth. - AP

The local bourse's benchmark index closed down 1.80% to 1,496.99 after hitting an intraday low of 1,476.24 while Singapore's Straits Times Index fell 3.70% to 2,884.

Tokyo's Nikkei 225 dropped 2.18% to 9,097.56, Hong Kong's Hang Seng Index lost 2.17% to 20,490.57, Shanghai's A share index slid 3.79% to 2,526.82 and Seoul's Kospi Index tumbled 3.82% to 1,869.45.

At Bursa Malaysia, losers outpaced gainers 1,051 to 67 while 99 other counters were traded unchanged.
SYDNEY: A man watches the information screens at the Australian Stock Exchange (ASX) show the morning losses and gains after the market opened in Sydney on Monday. The Australian share market has opened the week down more than two per cent, after America's credit rating was downgraded for the first time in its history over the weekend. - EPA

There were 1.93 billion shares traded with a total turnover of RM3.61 billion.

Among plantation stocks, United Plantations fell 62 sen to RM19, Genting Plantations dropped 61 sen to RM7.15, Batu Kawan dropped 60 sen to RM15.60 and Sarawak Plantations rose 13 sen to RM2.37.

Among Petriliam Nasional-related counters, Petronas Chemicals shed 16 sen to RM6.43, Petronas Dagangan dropped 50 sen to RM16.70 while MHB shed 57 sen to RM6.94.
BEIJING: A Chinese investor reacts as he studies stock prices at a securities stock trading house in Beijing Monday. Asian stocks fell Monday after the historic downgrade of the U.S. credit rating but losses were contained amid a promise by Group of Seven industrial nations to take all necessary measures to support financial stability. - AP

DiGi lost 50 sen to RM29.40 and Axiata was 8 sen lower at RM4.99.

Bursa shed 40 sen to RM6.80 and CIMB was 1 sen higher at RM8.30.

UEM Land fell 21 sen to RM2.16 and Karambunai lost 1 sen to 15.5 sen.

Lafarge dropped 42 sen to RM6.56 and Tasek slid 40 sen to RM8.10.

Nymex crude oil fell US$2.85 to US$84.03 per barrel.

The ringgit was quoted at 3.019 to the US dollar and 4.327 to the euro.